Erwin Schweisshelm, former head of the Friedrich-Ebert Foundation in Vietnam, said EVFTA was part of the EU`s broader economic strategy in Southeast Asia. EVFTA would be the EU`s second free trade agreement with a member of the Association of Southeast Asian Nations (ASEAN). A free trade agreement between the EU and Singapore came into force in November 2019. The free trade agreement with Vietnam is the EU`s most ambitious trade agreement with a developing country. The agreement aims to provide an urgent economic boost to the Southeast Asian country in the midst of the coronavirus pandemic. Read more: EU signs free trade agreement with Vietnam The Eu-Vietnam Free Trade Agreement (EVFTA) is the second free trade agreement between the EU and an ASEAN country after Singapore. Vietnam is the second country to have signed trade and investment agreements in the region. The EU said the trade deal would be the most ambitious ever negotiated by the bloc with a developing country. However, authoritarian Vietnam will still need to improve its social and labour standards.
(17.01.2020) Once the agreements are in force, the agreements will provide opportunities to promote trade and promote jobs and growth on both sides, calling the European Commission of the AGREEMENT the most ambitious free trade ever concluded by the EU with a developing country. According to the EU, the agreement could generate an additional 15 billion euros a year in exports to the EU by 2035 ($16.6 billion). The eu-Vietnam free trade agreements and investment protection agreements – liberalised access to services markets and unparalleled legal security – recent update – what you should know Nguyen Minh Vu, Vietnam`s ambassador to Germany, said the agreement is a positive step for the Vietnamese and European economies. Both agreements are expected to bring significant benefits to businesses, workers and consumers, both in the EU and in Vietnam. Vietnam`s GDP is expected to increase by 10-15%, while exports are expected to increase by 30-40% over the next ten years. At the same time, real wages for skilled workers could increase by 12%, while wages for ordinary workers could increase by 13%. As soon as the EVFTA comes into force and government policy and institutional reforms come into force, Vietnam`s activities will be booming.