Abstract
The European Union-Vietnam Free Trade Agreement (EVFTA), taking effect on August 2020, was expected to bring strategic benefits for Vietnam with one of its largest and most important partners. However, the United Kingdom, a leading economy within the EU, was left the EU on the January of the same year. The new free trade aggrement between UK and Vietnam, known as UKVFTA, was signed with the hope to avoid missing any benefits that the EVFTA had promised. This paper aims to identify and analyze the impact of the two aggrements, EVFTA and UKFTA on Vietnam-EU’s and Vietnam-UK trades under the negative effects of the Covid-19 pandemic. A compehensive analysis of the trade between Vietnam and the two mentioned partners for two year before and two year after the agrrement was made to carry out the positive effects of the contracts. The secondary data were taken from the World Bank, ADB and Vietnam Office of Statistics. The results showed that, the two aggrements successfully brought about higher surpluses for Vietnam trade, despite the fact that the overall of Vietnam trade are mostly deficit during the four examined years. The results would be helpful to evaluate free trade agreements for overcoming the negative impact of the Covid-19 pandemic for Vietnam and other developing countries.
Keywords
References
- IMF. World economic outlook. Washington, DC: 2023.Google Scholar ↗
- Prasetyo E, Bhilawa L, Aisyaturrahmi, Prastiwi D. Covid-19 Effect to Return On Equity on European Football Club. International Journal of Scientific Research and Management. 2022;10(04):3248-52. doi: 10.18535/ijsrm/v10i4.em4.DOI ↗Google Scholar ↗
- G. Micabalo K, Marie T. Poliquit W, J. Hitutuane Y, Pendon YU, N. Idjao J, B. Vilbar MR, et al. Adaptability Measures of Newly Established Businesses: A Case in the Philippines during the Covid 19 Pandemic. International Journal of Scientific Research and Management. 2022;10(11):4242-73. doi: 10.18535/ijsrm/v10i11.em12.DOI ↗Google Scholar ↗
- De Oliveira Dias DM, José Dias Pereira L, Dos Santos Vieira P. Are the Russian Banks Threatened with Removal from SWIFT? A Multiple Case Study on Interbank Financial Messaging Systems. International Journal of Scientific Research and Management. 2022;10(03):3137-44. doi: 10.18535/ijsrm/v10i3.em1.DOI ↗Google Scholar ↗
- Izzeldin M, Muradoğlu YG, Pappas V, Petropoulou A, Sivaprasad S. The impact of the Russian-Ukrainian war on global financial markets. International Review of Financial Analysis. 2023;87:102598. doi: 10.1016/j.irfa.2023.102598.DOI ↗Google Scholar ↗
- WorldBank: GDP growth (annual %) [Internet]. 2023 [cited 04/2023]. Available from: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG.Google Scholar ↗
- Dong CV, Truong HQ. Impacts of the COVID-19 pandemic on international trade in developing countries: evidence from Vietnam. International Journal of Emerging Markets. 2022;ahead-of-print. doi: 10.1108/IJOEM-09-2021-1395.DOI ↗Google Scholar ↗
- Bortoletti F. Vietnam's Free Trade Agreements 2023 [cited 4/2023]. Available from: https://www.vietnam-briefing.com/doing-business-guide/vietnam/why-vietnam.Google Scholar ↗
- European_Commission. EU trade relationships by country/region 2023 [cited 2023]. Available from: https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region_en.Google Scholar ↗
- Spiliopoulos OG, Petropoulos D. The Implementation of the EU Strategy for Free Trade Through the Conclusion of Bilateral Agreements with its Major Partners the Latest Developments. Business & Entrepreneurship Journal. 2022:17-28. doi: 10.47260/bej/1122.DOI ↗Google Scholar ↗
- Anh NTM, Thu KTM. EU-Vietnam trade and FDI for one-year EVFTA implementation under the effects of Covid-19 pandemic. International Journal of Advances in Engineering and Management 2022;4(5):1004-9.Google Scholar ↗
- Fruscione A. The Free Trade Agreement Between the European Union and Vietnam. Global Trade and Customs Journal. 2021;16(1):39-42.Google Scholar ↗
- Nguyen TMA, Kieu TMT. EU-Vietnam trade and FDI under the effects of Free Trade Agreement and Covid-19 pandemic. International Journal of Advances in Engineering and Management. 2021;3(6):97-101.Google Scholar ↗
- Buigut S, Kapar B. How did Brexit impact EU trade? Evidence from real data. The World Economy. 2023. doi: 10.1111/twec.13419.DOI ↗Google Scholar ↗
- Nguyen Thi Yen C, Hermoso C, Laguilles EM, De Castro LE, Camposano SM, Jalmasco N, et al. Vietnam's success story against COVID-19. Public Health in Practice. 2021;2:100132. doi: https://doi.org/10.1016/j.puhip.2021.100132.DOI ↗Google Scholar ↗
- KAS. One-year Implementation of European Union-Vietnam Free Trade Agreement (EVFTA): Impacts on the Vietnamese Economy and Policy Formation. 2022.Google Scholar ↗
- Preliminary exports and imports of goods by main countries and territories in 2022 [Internet]. Vietnam General Statistics Office. 2023 [cited 4/2023]. Available from: https://www.gso.gov.vn/en/data-and-statistics.Google Scholar ↗
- Trade in goods: all countries, seasonally adjusted [Internet]. Office for National Statistics. 2023 [cited 4/2023]. Available from: https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/datasets/uktradeallcountriesseasonallyadjusted.Google Scholar ↗