European Union–Vietnam Free Trade Agreement

The EU–Vietnam Free Trade Agreement (EVFTA) is a free trade agreement between the European Union (EU) and the Socialist Republic of Vietnam. The EU-Vietnam Investment Protection Agreement (EVIPA) was also agreed which is a bilateral investment treaty.[1]

EU–Vietnam Free Trade Agreement
Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam
  Vietnam
  European Union (EU)
TypeFree trade agreement
Signed30 June 2019
LocationHanoi, Vietnam
Effective1 August 2020
ConditionApproval by all signatories
Parties
LanguagesVietnamese and all official EU languages

The agreement deepens the Vietnam–European Union relations and was adopted by Council Decision (EU) 2020/753 of March 30, 2020 on the conclusion of the free trade agreement between the EU and Vietnam.[2] The agreement was passed in Vietnam on June 8, 2020, in the Vietnamese National Assembly and entered into force on August 1 of that year.[3] Both agreements were approved by Vietnam's lawmakers with a large majority of around 95% of the vote.[4]

According to the European Commission, the agreements will provide opportunities to increase trade and support jobs and growth on both sides, through

  • Eliminating 99% of all tariffs
  • Reducing regulatory barriers and overlapping red tape
  • Ensuring protection of geographical indications
  • Opening up services and public procurement markets
  • Making sure the agreed rules are enforceable[5]

See also

References
  1. "EVFTA, EVIPA opportunities for Vietnam's development and integration". THE VOICE OF VIETNAM. 8 June 2020. Retrieved 3 January 2021.
  2. "COUNCIL DECISION (EU) on the conclusion of the Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam, 2019/753 of 30 March 2020". Official Journal of the European Union.
  3. "EVFTA officially effective from August 1". Customs News (in Vietnamese). 10 June 2020. Retrieved 3 January 2021.
  4. VnExpress. "Vietnam ratifies EU free trade agreement - VnExpress International". VnExpress International – Latest news, business, travel and analysis from Vietnam. Retrieved 3 January 2021.
  5. "EU-Vietnam Agreements". Trade - European Commission. Retrieved 3 January 2021.


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