The electron spin dynamics in (111)-oriented GaAs/AlGaAs quantum wells is studied by time-resolved photoluminescence spectroscopy. By applying an external electric field of 50 kV/cm a two-order of magnitude increase of the spin relaxation time can be observed reaching values larger than 30 ns; this is a consequence of the electric field tuning of the spin-orbit conduction band splitting which can almost vanish when the Rashba term compensates exactly the Dresselhaus one. The measurements under a transverse magnetic field demonstrate that the electron spin relaxation time for the three space directions can be tuned simultaneously with the applied electric field.