The Vietnam - European Union Free Trade Agreement (EVFTA) officially came into effect in 2020. After nearly four years of implementation, trade and investment flows from the EU to Vietnam have increased significantly. However, the EVFTA also poses new challenges and opportunities, including compliance with regulations, enhancing competitive capacity, and taking full advantage of the benefits the agreement offers. Assessing the EVFTA after nearly four years is therefore an essential step in shaping the economic development strategy for both Vietnam and the EU in the coming period.