The signing of the EU-Vietnam Free Trade Agreement (EVFTA) is set to bring significant benefits to both Vietnam and the EU. The agreement was officially signed on June 30, 2019, and is expected to boost trade, increase investment, and create jobs on both sides.

The EU is Vietnam`s second-largest trading partner, and this agreement will provide Vietnamese exporters with easier access to the EU`s market of over 500 million consumers. The agreement will eliminate 99% of tariffs on goods traded between the two regions, meaning that Vietnamese exporters will enjoy a competitive advantage over those from non-EU countries. Some of the most significant sectors expected to benefit from the agreement include textiles, footwear, and agriculture.

In addition to increasing trade, the EVFTA is expected to attract more European investment into Vietnam. The agreement includes provisions for the protection of investors and their assets, making Vietnam a more attractive destination for European businesses. This is especially important given the current uncertainties in global trade due to the US-China trade war and Brexit.

The agreement also includes measures to protect labor rights, human rights, and the environment. Vietnam has committed to implementing international labor laws and standards, which will improve working conditions for Vietnamese workers. The agreement also includes provisions for the protection of intellectual property rights, which will benefit both Vietnam and the EU.

The signing of the EVFTA is an important milestone for Vietnam, which has been working hard to integrate into the global economy and attract foreign investment. The agreement will help Vietnam diversify its exports, reduce its reliance on the Chinese market, and create jobs for its people.

The EVFTA is also an important achievement for the EU, which has been negotiating the agreement for nearly a decade. The agreement represents the EU`s commitment to free and fair trade, and its desire to deepen its economic ties with Southeast Asia.

Overall, the EVFTA is a win-win for Vietnam and the EU. It will strengthen their economic relationship and bring significant benefits to both regions. As the agreement comes into force, we can expect to see increased trade, investment, and prosperity for Vietnam and the EU alike.