- Country or region
- Vietnam
- Trade topics
- Negotiations and agreements
- Trade policy
The European Union and Viet Nam 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 June 2024, 18 EU Member States had ratified it.
Trade picture
- Viet Nam is the EU’s 17th biggest trade-in-goods partner and the EU’s largest trading partner in goods in ASEAN, with a total trade flow amounting to €67 billion in 2024 (and an EU deficit of €42.5 billion). THe EU’s main imports from Viet Nam are machinery and appliances (accounting for half of total imports), footwear and hats, and textiles. The EU’s main exports to Viet Nam are chemicals, machinery and appliances, and transport equipment.
- Trade in services added another €8.5 billion in 2023 (with an EU surplus of €2.1 billion).
- In 2023, EU foreign direct investment (FDI) flows with Viet Nam reflected a continued strong investment relationship. EU FDI outflows to Viet Nam rose slightly from €1.3 billion in 2022 to €1.4 billion in 2023, highlighting sustained interest from EU investors. In terms of FDI stocks, the EU remained a major investor in Viet Nam with an outward stock of €10.8 billion.
The EU and Viet Nam
The trade agreement between the EU and Viet Nam 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 Viet Nam 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 Viet Nam that find their foundation and are governed by the EU-Viet Nam Framework Agreement on Partnership and Cooperation (PCA) that entered into force in October 2016.
Viet Nam and ASEAN
Viet Nam 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.
Committees and Dialogues
The EU and Viet Nam meet regularly to discuss issues and best practices and oversee the proper functioning of the Agreement.
Technical committee meetings - agendas and reports
Trading with Viet Nam
- Importing into the EU from Viet Nam
- EU trade defence measures on imports from Viet Nam
- Exporting from the EU to Viet Nam
- Trade relations are part of the EU's overall political and economic relations with Viet Nam
- Viet Nam is a member of the World Trade Organization
- Sustainable impact assessment of the EU-ASEAN Countries Free Trade Agreement (FTA)
Latest news
Today, the European Commission launched an investigation to assess whether anti-dumping measures are warranted on imports of polyethylene terephthalate (PET) from Vietnam.
Today, the European Commission countered the circumvention of its anti-subsidy measures on cold-rolled stainless steel (SSCR) from Indonesia by extending the measures to also cover imports from Taiwan, Türkiye and Vietnam.
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.
