Luong Hoang Thai, Director of the Multilateral Trade Policy Department of the Ministry of Industry and Trade, said: “The giant EU market will give Vietnam ample business opportunities. But in turn, each sector and business is required to prepare itself carefully to grab those opportunities. They need to change to seize opportunities to boost long-term economic development."

Vietnamese officials are working on documents guiding businesses on how to seize the opportunities offered by the EVFTA.     

When the EVFTA takes effect next month the EU will immediately eliminate import duties on some 85.6% of tariff lines, accounting for 70.3% of Vietnam's exports to the bloc. Over the next seven years, the EU will gradually eliminate 99.2% of tariff lines, accounting for 99.7% of Vietnam’s exports. As for the remaining 0.3%, it will give Vietnam tariff quotas with import duties of 0%.