Vietnam-EU Trade: EVFTA Ratified by Vietnam’s National Assembly
Highlights:
- Vietnam’s National Assembly on June 8 ratified the EVFTA and the EVIPA agreements between Vietnam and the EU.
- Analysts hope the trade deal will give a much-needed boost to Vietnam’s economy as it looks to recover from the COVID-19 pandemic.
- The agreement is expected to take effect sometime in July or August after approval from all governments.
- The EVFTA is an ambitious pact eliminating almost 99 percent of customs duties between the EU and Vietnam.
Vietnam’s National Assembly on June 8 ratified the European Union Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) paving the way for it to take effect sometime in July or August this year. The agreement was unanimously approved with 94.62 percent of lawmakers in favor of the EVFTA and 95.65 percent in favor of the EVIPA.
The developments follow the ratification of the FTA by the European Parliament (EP) on February 12. Analysts hope the trade deal will give a much-needed boost to Vietnam’s industries, such as manufacturing, as it looks to recover from the COVID-19 pandemic.
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Dezan Shira & Associates
