International trade has been severely impacted by the pandemic. Not only have consumer habits changed but new medicines and vaccines require new capabilities in logistics to be properly delivered and stored. These changes are forcing the sector to adapt.
Despite the pandemic, one of the most significant events this year in trade was the EU-Vietnam free trade agreement (EVFTA). The EVFTA came into effect on August 1, 2020, paving the way for increased trade between the EU and Vietnam, eliminating almost 99 percent of customs duties between the two countries. According to the Ministry of Planning and Investment (MPI), the FTA is expected to help increase Vietnam’s GDP by 4.6 percent and its exports to the EU by 42.7 percent by 2025. While the European Commission has forecast the EU’s GDP to increase by US$29.5 billion by 2035.