The European Union-Vietnam Free Trade Agreement (EVFTA) is set to open doors for Vietnamese export

By: Spire Research and Consulting
 
GURUGRAM, India - Jan. 30, 2020 - PRLog -- On 30 June, 2019, the European Union signed its first free trade deal with a developing Asian country – Vietnam, one of the fastest growing economies in Southeast Asia.

The EU-Vietnam Free Trade Agreement (EVFTA) would reduce 99% of tariffs on goods and services traded between European and Vietnamese markets.

Vietnam's exports to the EU were valued at 50 billion euros in 2018. This figure is expected to increase by 40% by 2025 under EVFTA.

Between the years 2024 – 2028, the agreement would boost Vietnam's gross domestic product by 5 to 6% annually.

Will the EVFTA herald a closer economic relationship between Vietnam and Europe?

Spire Research and Consulting was established in 2000 to address a gap in the research and consulting industry in global emerging markets. Unlike most agencies that focus on traditional consumer research, our founders saw a profound need for holistic research projects.

These projects integrate traditional customer research with knowledge of the broader business eco-system; for instance, competitors, channels, legal and regulatory factors. They support strategic decision-making for market growth and entry. Our studies provide indispensable tools for creating business plans, setting sales quotas, quantifying budgets and investment as well as making product launch decisions.

https://www.spireresearch.com/newsroom/spirethoughts/the-european-union-vietnam-free-trade-agreement-evfta-is-set-to-open-doors-for-vietnamese-exporters/

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