EVFTA is expected to boost Vietnam's leather footwear export to the EU (Photo: VNA)

The DPA news agency said the deal, which takes effect in early August, will allow Vietnam’s export turnover to the EU market to increase 44% by 2030.

The DW said the EVFTA is the EU's most ambitious trade deal with a developing country. The deal will give Vietnam a much-needed economic boost during the coronavirus pandemic.

The Finanznachrichten cited Ines Kitzing, Vice President of the Federation of German Wholesale, Foreign Trade and Services, as saying that the timely deal not only creates an economic driving force but also offers a clear answer to protectionism.

Manfred Junkert, General Manager of the Federal Association of the German Footwear and Leather Goods Industry, said the agreement’s ratification is an important and good sign for free trade and anti-protectionism.