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European Union Vietnam FTA ratified by Vietnam’s National Assembly

Jun 11, 2020 Vietnam
European Union Vietnam FTA ratified by Vietnam’s National Assembly
On the 8th of June, Vietnam’s National Assembly ratified the European Union Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA)
The agreement, as reported by Vietnam-Briefing.com, was unanimously approved with 94.62% of votes in favour of the EVFTA and 95.65% votes in favour of the EVIPA. This follow the ratification of the FTA by the European Parliament back in February.

Analysts expect the trade deal to give a boost to Vietnam’s industries.

Once the agreement takes effect, 71% of exports from Vietnam to the EU are to become duty-free, as will 65% of EU shipments to Vietnam. The remaining tariffs up to 99% will be phased out by Vietnam over ten years and by the EU bloc over seven years.

The EVFTA is a new generation bilateral agreement with important provisions for intellectual property rights, investment liberalization, and sustainable development. It also includes a commitment to implement the International Labour Organization (ILO) standards and the UN Convention on Climate Change.

Image credits: Scott Graham on Unsplash

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