On the spotlight at a recent workshop on the impact of the EU-Viet Nam Free Trade Agreement (EVFTA) on bilateral trade and investment relationships in 2021 were the highlights of EVFTA, investment and trade experience exchanges, import and export opportunities  and ways to lure more FDI inflows into Da Nang in the coming time.

The event was jointly organised by the Da Nang Investment Promotion Agency, the European Chamber of Commerce (EuroCham) in Viet Nam and the KPMG Co., Ltd.

According to participating experts at the workshop, since its entry into force on August 1, 2020, the so-called 'new generation' comprehensive agreement has brought first successes, reflected by the strong growth of Viet Nam’s exports to the EU, and opened significant opportunities for sustainable development in bilateral trade.

The agreement is highly expected to be one of the economic levers to boost exports from Viet Nam, and Da Nang in particular, to the world's largest trading bloc, thus helping diversify their consumer markets, promote trade liberalisation, speed up economic revival.

The EU is one of the leading trading partners of Viet Nam, and Da Nang in particular.

In 2020, two-way trade turnover between the EU and Da Nang maintained the growing pace with a total value of US$385 million. Of this, Da Nang’s exports to this bloc reached $255 million whilst its imports stood at $130 million.

Da Nang’s key exports to the EU include textiles, aquatic products, handicrafts, spare parts, assorted components, finished rubber products, children's toys and fishing rods. Meanwhile, the city imports chemicals, rubber raw materials, drugs, raw materials, cars, wood of all kinds from the EU.

Commitments to equal treatment and safe and adequate protection for each other's investments and investors in the EVFTA are expected to contribute positively to the building of a transparent and legal investment environment, which will help Da Nang attract more investors from the EU and other countries for its progress in the time ahead.

Reporting by PHONG LAN – Translating by A.T