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Free Trade - EU-Vietnam FTA ratified
09 June 2020

The EU-Vietnam Free trade agreement (EVFTA) and investment protection agreement (EVIPA) were just approved by National Assembly of Vietnam this morning, 8 June 2020.

 

 

This morning at its plenary sitting on June 8, The National Assembly of Vietnam ratified the EU-Viet Nam Free Trade Agreement (EVFTA) and the EU-Viet Nam Investment Protection Agreement (EVIPA)

The deals would bring about abundant chances for Viet Nam to become a production hub in the region as it would take advantage of 7-10 golden years to access the EU market.

Last February, the European Parliament (EP) passed the EU-Viet Nam Free Trade Agreement (EVFTA) and the EU-Viet Nam Investment Protection Agreement (EVIPA).

Under the agreement, Viet Nam will cut 65% of import tax on EU commodities after the deal takes effect, while the rest will be erased over a 10-year period. Meanwhile, the EU will cut more than 70% of tariffs on Viet Nam’s commodities after the deal takes effect, while the rest will be abolished over the seven subsequent years.

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