Business · Vietnam Bureau
Vietnam-EU trade deepens as tariff barriers fall to historic low
The EU has completed its tariff elimination schedule under the EVFTA, making nearly all Vietnamese exports eligible for duty-free access. Vietnam will phase out remaining tariffs on EU goods through 2030 as bilateral trade relations reach new heights.
LSN Vietnam ·
Vietnam and the European Union have reached a significant milestone in their trade relationship, with the EU completing its full tariff elimination schedule under the EVFTA in its seventh year of implementation. The move grants 99 percent of Vietnamese exports duty-free access to EU markets, substantially reducing trade barriers between the two regions.
Under the agreement, Vietnam will continue phasing out its own tariffs on EU goods until 2030, maintaining a gradual approach to market opening. The reciprocal tariff elimination reflects both sides' commitment to deepening economic integration and creating expanded opportunities for businesses across Southeast Asia and Europe.
The tariff achievements come as diplomatic and economic ties between Vietnam and the EU reach new heights. Officials have emphasized the importance of concrete outcomes in bilateral cooperation, signaling momentum beyond trade to include emerging sectors such as quantum technology development and research collaboration.
The EVFTA, which entered into force in 2020, has established a framework for reducing trade frictions and facilitating commerce. With the EU completing its tariff commitments ahead of schedule, the agreement continues to demonstrate the potential for comprehensive trade partnerships between developed and developing economies in the region.
Photo: Vietnamese Industry and Trade Minister Nguyen Hong Dien (left) and EU Trade Commissioner Valdis Dombrovskis at the third EU-Vietnam Free Trade Agreement Trade Committee at the European Commission, December 2023. Lukasz Kobus / European Commission via Wikimedia Commons (CC BY 4.0).