EU - Vietnam Free Trade Agreement (EVFTA) has taken effect from August 1, 2020

The EVFTA is an ambitious pact providing almost 99 percent of the elimination of custom duties between the EU and Vietnam. The FTA is expected to help increase Vietnam’s GDP by 4.6 percent and its exports to the EU by 42.7 percent by 2025. While the European Commission has forecast the EU’s GDP to increase by US$29.5 billion by 2035.
65 percent of duties on EU exports to Vietnam will be eliminated while the remaining will be gradually phased out over a period of 10 years. 71 percent of duties will be eliminated on Vietnam exports to the EU, with the remaining being eliminated over a period of seven years.