The European–Vietnam Free Trade Agreement (EVFTA) was studied to see how removing industrial tariffs would affect Vietnam's economy. By using a model, researchers found that eliminating these tariffs would boost household consumption by 9.13% and increase production in agriculture, industry, and services. However, it would also lead to a trade deficit and lower government income. The study suggests that reducing industrial tariffs could improve social welfare and overall economic growth, but may also strain the national budget and domestic production.