When the BTA came into force on December 10, 2001, the United States immediately granted Vietnamese products and businesses access to the U.S. market – a market that accounts for nearly one-third of global GDP – on the same basis as other countries with which they have normal trade relations. This means, among other things, that Vietnamese products are now subject to much lower tariffs, which increase from an average of 40% to 3% on average when they enter the United States. The Vietnamese side has pledged to reform its trade and investment regime to provide a much fairer and more equitable „playground” for American companies and products in Vietnam. In many cases, Vietnam`s commitments are gradually introduced over several years, in recognition of the state of transition of the Vietnamese economy and the important reforms needed to bring its regulatory system in line with international standards. The TFUE is an important step in EU-Vietnam relations and further strengthens bilateral economic integration and trade liberalization on the basis of rules. Vietnam has already taken concrete steps to implement the agreement. For example, in May 2020, the Vietnamese Ministry of Industry and Trade set up five working groups to assist the relevant government authorities on various aspects of the agreement, including the application of origin, certification and legal documentation; conduct market research on the requirements and tastes of EU consumers; Understanding EU management policies and policies that may affect Vietnamese exports; Implement information campaigns on the benefits of the agreement; Fighting fraud in the first place. First, it is an operational necessity for both countries. Brexit means that the FREE trade agreement BETWEEN the EU and Vietnam, which came into force on 1 August 2020, will no longer apply to the UK after 31 December 2020. Second, the United Kingdom and Vietnam are working to conclude this agreement as soon as possible in order to increase their economic recovery after COVID-19. Thirdly, the terms of the UK-Vietnam free trade agreement in 2020 will be largely similar to those of the EU-Vietnam Free Trade Agreement, meaning the two countries will not have to conduct a decade of negotiations.
The TFUE marks the second comprehensive trade agreement between ASEAN and the EU and could well serve as a model if the EU decides to pursue free trade agreements („FTAs”) with other ASEAN countries or with ASEAN as a regional bloc in the future. With TUEFTA, Vietnam is expanding its free trade agreement to another strategic economic and trade partner. Vietnam currently has bilateral free trade agreements with Japan, South Korea, Chile and the Eurasian Economic Union (of which Russia is a member).