At COP28, Vietnamese Prime Minister Pham Minh Chinh’s meeting with Swedish Prime Minister Ulf Kristersson underscored the deepening ties between Vietnam and the EU, spurred by the EU-Vietnam Free Trade Agreement (EVFTA) initiated in 2020.
The EVFTA, set to nearly eradicate customs duties, is expected to boost Vietnam’s GDP by 4.6% and exports to the EU by 42.7% by 2025, while the EU could see a GDP increase of US$29.5 billion. Trade between Vietnam and Sweden showcases Vietnam’s significant export surplus, dominated by manufacturing goods like electronics and textiles, totalling US$578.13 million of the US$946.15 million in exports to Sweden.
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