The so-called EVFTA would provide a huge trade-promoting boost to both sides but Europe still wants more progress on Vietnam’s poor rights record
After nearly seven years of negotiations, the European Union and Vietnam appear closer than ever to cinching a major free trade deal, known as the Europe-Vietnam Free Trade Agreement (EVFTA).
The long-sought deal promises to boost Vietnam’s economic growth by as much as 8% by 2025, driven by an expected sure of technology hardware and textile exports to lucrative European markets. European investors, meanwhile, are expected to be lured into Vietnam’s liberalizing and growing banking and insurance sectors.
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