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EU trade relations with Vietnam. Facts, figures and latest developments.

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The European Union and Vietnam signed a Trade Agreement and an Investment Protection Agreement on 30 June 2019. The European Parliament subsequently gave its consent to both Agreements on 12 February 2020 and the Free Trade Agreement was concluded by Council on 30 March 2020.

The Trade Agreement entered into force on 1 August 2020.

The Investment Protection Agreement will enter into force when it is ratified by all EU Member States. As of the end of October 2023, 16 EU Member States had ratified it.

Image - EU-Vietnam agreement

EU-Vietnam agreement

EU-Vietnam Trade Agreement | Investment Protection Agreement

In place | Being adopted or ratified

Trade picture

  • Vietnam was the EU's 16th trade-in-goods partner and the EU's largest trading partner in goods in the Association of Southeast Asian Nations (ASEAN) in 2022, with with total trade flows amounting to €64.2 billion.
  • The EU's main exports to Vietnam are high tech products, including electrical machinery and equipment, aircraft, vehicles, and pharmaceutical products.
  • Vietnam's main exports to the EU are telephone sets, electronic products, footwear, textiles and clothing, coffee, rice, seafood, and furniture.
  • With a total foreign direct investment outward stock of €8 billion (2021), the EU is one of the largest foreign investors in Vietnam. The largest sector of investment by the EU is industrial processing and manufacturing.

The EU and Vietnam

The trade agreement between the EU and Vietnam entered into force on 1 August 2020. The Investment Protection Agreement will enter into force after ratification by all EU Member States. The agreements with Vietnam are the second (following those with Singapore) to have been concluded between the EU and a Southeast Asian country, and represent stepping-stones to a greater engagement between the EU and the region.

The trade and investment agreements develop the commercial dimension of bilateral relations between the EU and Vietnam that find their foundation and are governed by the EU-Vietnam Framework Agreement on Partnership and Cooperation (PCA) that entered into force in October 2016.

Vietnam and ASEAN

Vietnam is one of the 10 members of the Association of Southeast Asian Nations (ASEAN) and has become the EU's most important partner in the region for trade in goods. It is the EU's second-most important ASEAN partner for trade in goods and services combined (after Singapore). An increasing number of European companies are establishing in the country to set up hubs to serve the Mekong region.

More information on ASEAN

Committees and Dialogues

The EU and Vietnam meet regularly to discuss issues and best practices and oversee the proper functioning of the Agreement.

Technical committee meetings - agendas and reports

Trading with Vietnam

Exporters' stories

Latest news

  • News article

Vietnam eases access to EU pharmaceuticals

On 8 February, Vietnam extended the validity of existing marketing authorisations of pharmaceutical products until 2024. For the next two years, EU exporters of pharmaceuticals will thus avoid having to go through complex procedures for the renewal of their marketing authorisation.

  • Press release

EU-Vietnam trade agreement enters into force

EU exports to Vietnam will be taxed less as of tomorrow, 1 August. This is the immediate effect of the entry into force of the EU-Vietnam trade agreement that will ultimately scrap duties on 99% of all goods traded between the two sides.