The 4th meeting of the EVFTA Trade Committee was held in Hanoi on September 26, co-chaired by Minister of Industry and Trade Nguyen Hong Dien and European Commission Executive Vice President Maros Sefcovic, Commissioner for Trade and Economic Security.

The session coincided with the 35th anniversary of Vietnam-EU diplomatic relations and the 5th anniversary of the EVFTA’s entry into force. Since August 2020, the agreement has proven to be a key driver of bilateral trade. In 2024, two-way goods trade hit a record USD 68.4 billion, up 16.8% from 2023.

Minister Nguyen Hong Dien stressed that the EVFTA has helped Vietnam integrate more deeply into global value chains, ease administrative burdens, and promote institutional reforms. The EU is now Vietnam’s fourth-largest trading partner, while Vietnam has become the bloc’s top partner in ASEAN. Beyond trade, the deal has expanded cooperation in green transition, energy, circular economy, and sustainable development.

Both sides reviewed implementation progress, agreed on the importance of swiftly and transparently resolving outstanding trade and investment barriers, and decided to establish a special task force to promote balanced, effective trade.

Commitments to deepen cooperation

The EU praised Vietnam’s administrative reforms and cost-cutting measures as foundations for businesses to better capitalize on EVFTA opportunities. Brussels urged Hanoi to further open markets, particularly in sectors of EU strength.

For its part, Vietnam reaffirmed its commitment to fully and seriously implement the agreement, while noting that bilateral market shares remain modest. Minister Dien called for stronger cooperation to unlock untapped potential and urged EU member states to accelerate ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) to create a new boost for investment.

Vietnam also requested the European Commission to soon lift the IUU “yellow card” on its seafood exports, acknowledging Vietnam’s serious efforts to combat illegal fishing while considering development gaps, EU consumer interests, and Vietnamese fishermen’s livelihoods.

Expanding areas of collaboration

Both sides reiterated their support for a rules-based multilateral trading system with the WTO at its core. Vietnam announced its participation in the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), completion of ratification of the Fisheries Subsidies Agreement, and preparations to join the WTO Joint Statement Initiative on e-commerce.

They agreed to maintain exchanges and dialogues, encourage quality EU investments in Vietnam particularly in semiconductors, AI, digital transformation, and renewable energy and avoid measures that could harm mutual interests.

According to Vietnam Customs, bilateral trade reached USD 68.4 billion in 2024, accounting for 8.7% of Vietnam’s total trade. Exports to the EU hit USD 51.72 billion (up 18.5%), while imports stood at USD 16.73 billion (up 12%). In the first eight months of 2025, two-way trade continued to grow, totaling USD 48.4 billion, up 7.7% year-on-year.

Minister Nguyen Hong Dien concluded by praising the frank and constructive discussions, reaffirming Vietnam’s commitment to faithfully carrying out EVFTA obligations to deliver tangible benefits for businesses and citizens on both sides.