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EU Free Trade Agreement modernises Vietnam
The European Union-Vietnam Free Trade Agreement (EVFTA), which officially entered into force on August 1, 2020, represents much more than a traditional trade pact centered on tariff eliminations. As a "new-generation" agreement, it established a sophisticated and comprehensive framework for cooperation, encompassing trade in goods and services, investment protections, intellectual property rights, and a pioneering commitment to sustainable development and labor standards. Now reaching its five-year milestone, the EVFTA has proven to be a transformative catalyst for Vietnam’s economy, driving record-breaking trade volumes, attracting high-quality foreign investment, and, perhaps most importantly, serving as a powerful instrument for domestic institutional reform.