The free trade agreement will eventually eliminate 99% of tariffs, with some items cut over a 10-year period and other goods, notably agricultural products, limited by quotas. It is also expected to open up the public procurement and services markets, such as for the postal, banking and maritime sectors.The EU is Vietnam’s second-largest export market after the US, with main exports including garment and footwear products. In 2018, it exported $42.5bn worth of goods and services to the EU, with $13.8bn worth of goods coming the other way, official data shows.On Friday, the EU and South American trade bloc Mercosur agreed a free-trade treaty following two decades of talks.