Prime Minister Nguyen Xuan Phuc speaks at the meeting (Photo: VGP/Quang Hieu)

In his address, the Prime Minister said the EVFTA will contribute 3.35% to Vietnam’s growth in its first five years, 5% the following 5 years, and 7% 5 years later.

With a wide-opening market and nearly 100% elimination of tariff lines, the deal is expected to pave the way for Vietnamese businesses to increase its exports to the EU by 42% by 2025 and 45% by 2030. The deal will also help 800,000 to 1 million Vietnamese people escape poverty by 2030.

The Prime Minister asked Vietnamese businesses to make greater efforts to achieve results: "The EU is always a tough market with strict requirements for quality and high standard of goods and services and it’s not a place for uncreative and impatient businesses. The EVFTA creates an opportunity for Vietnam to reform its growth model and Vietnamese businesses to upgrade themselves to meet more demanding markets and gain higher values in the supply and distribution chains in the EU and globally. Many EU groups are shifting investment and diversifying their suppl"y and production chains."