EVFTA (European-Vietnam Free Trade Agreement) is a free trade agreement between the European Union and Vietnam. The EVFTA Agreement is a free trade agreement between Vietnam and 27 EU member countries. Not only does it eliminate more than 99% of customs duties on goods, but the agreement also opens Vietnam’s services market to EU companies and enhances the protection of EU investments in Vietnam. This study shows that the EVFTA Agreement has a huge impact on Vietnam’s economy, specifically: Impact on economic growth, trade (import and export); impact on the state’s budget; impact on foreign direct investment; impact on changes in laws and institutions, improving the business environment. Based on an analysis of the current situation, this study proposes solutions further to enhance the advantages of the EVFTA Agreement for Vietnam.