Deputies in the national’s assembly of Vietnam approved free trade agreement with the EU

Photo: The European Union in Vietnam

On 8 June 2020, the Danish Ambassador H.E. Mr. Kim Højlund Christensen together with the EU Ambassador H.E. Mr. Giorgio Aliberti and other EU countries’ representatives attended the ninth session of the 14th National Assembly plenary meeting to witness the Vietnam National Assembly’s ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).

Deputies in the National Assembly, which nearly always ratifies government proposals, voted by over 94% in favour of the European Union Vietnam Free Trade Agreement (EVFTA).

Photo: The European Union in Vietnam

The EVFTA is expected to come into force from 1st August 2020 where approximately 65% of EU exports to Vietnam and 71 % of EU imports from Vietnam will be exempted from custom duty.

Once the agreement in completed, which will cut or eliminate 99% of tariffs on goods traded between the Southeast Asian country and the bloc, and provide Vietnam with a much-needed post pandemic boost.

It will open up Vietnam’s services, including post, banking and shipping and public procurement markets, align some standards and protect EU food and drinks, such as French champagne or Greek feta cheese, from imitations in Vietnam.

The EVFTA, expected to take effect in July, which is the European Union’s second deal with a member of the Association of Southeast Asian nations (ASEAN) after Singapore.

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