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Customs, Trade Reform - EVFTA Two Years in Review

  • The European Chamber of Commerce in Vietnam (EuroCham) held a workshop to discuss the progress of the EU-Vietnam Free Trade Agreement (EVFTA) since it came into force

  • The EVFTA has had positive impacts on Vietnam's economy and covered a diverse range of sectors

  • During the COVID-19 pandemic, Vietnam's imports and exports both saw significant growth, with exports from Europe to Vietnam rising by 16.5%

  • Europe's foreign direct investment in Vietnam was $1.4 billion in 2021

  • The EVFTA has improved the customs clearance of imports, reducing the average processing time and cost

  • Vietnam has reformed its sanitary and phytosanitary and technical barriers to trade regulations

  • The EVFTA allows for certain types of EU citizens to enter Vietnam for business purposes and for trainee employees to stay for up to 1 year

  • Concerns have been raised about the visa process for EU citizens in Vietnam, with some facing difficulties and delays in obtaining visas

  • Vietnam's commitments to the services sector under the EVFTA have been slow to materialize

  • Challenges remain in terms of trade facilitation, including in the areas of intellectual property rights, customs, and technical barriers to trade

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