Financial Times reports on Vietnam-EU free trade deal
The Vietnam-EU FTA was finalised earlier this month, yet textiles remain a sticking point as EU negotiators fear China will use Vietnam as a backdoor for cheap textile imports into the EU.
The Vietnam-European Union (EU) Free Trade Agreement (FTA) was finalised earlier this month, yet textiles remain a sticking point as EU negotiators fear China will use Vietnam as a backdoor for cheap textile imports into the EU, United Kingdom-based Financial Times reported.
The FTA has opened up one of Asia’s fastest-developing economies and a market of more than 90 million consumers to European companies, the newspaper said in an article titled “Brussels seals trade accord with Vietnam” on August 4.
The paper cited the International Monetary Fund (IMF)’s forecast that Vietnam’s economy will continue to grow over the next five years thanks to strong exports, young population and an increasing focus on technology.
More than 31 million jobs in Europe depend on exports, making easier access to Vietnam’s market great news for the EU, particularly European clothing, footwear and sportswear firms who will benefit from the slashed tariffs on goods made in their Vietnamese factories, EU Trade Commissioner Cecilia Malmstrom was quoted as saying.
The deal, which is still pending approval from the EU parliament, will remove 99 percent of tariffs between Europe and Vietnam over the next few decades, the article noted.
Trade between the two sides exceeded 28 billion EUR last year. Of the figure, the EU imported 22 billion EUR worth of commodities from Vietnam and is now Vietnam’s second largest trade partner after China.
Worrying that China will use Vietnam as a conduit to flood EU markets, the EU has introduced strict “rules of origin” safeguards to ensure that raw materials from China will undergo required workmanship in Vietnam before they can be re-exported to Europe.
The EU believed that the ❀FTA would allow its companies to bid for major public contracts such as roads and ports in Vietnam and open doors for service sectors such as banking and insurance.-VNA
Minister of Industry and Trade Vu Huy Hoang and European Commissioner for Trade Cecilia Malmstrom sought to boost Vietnam-EU Free Trade Agreement (FTA) negotiations during their working session in Kuala Lumpur on April 25.
Vietnamese businesses operating in Russia were updated on the Free Trade Agreement between Vietnam and the Eurasian Economic Union at a recent conference in Moscow.
Vietnam and the European Union (EU) have basically concluded negotiations on the bilateral free trade agreement (EVFTA), announced Vietnamese Minister of Industry and Trade Vu Huy Hoang on August 4.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
Textiles production in Vietnam. (Photo: VNA)
