VIM - The National Assembly ratified the EU-Viet Nam Free Trade Agreement (EVFTA) and the EU-Viet Nam Investment Protection Agreement (EVIPA) at its plenary sitting on June 8.
Specifically, the law-makers gave consent to the free trade agreement by 94.62% and the investment protection agreement by 95.45%.
The adoption of the trade and investment deals represents a great progress in the relations between the EU and Viet Nam on the occasion of the 30th anniversary of diplomatic ties between the two sides.
The two agreements are expected to forge a solid foundation for investment and trade opportunities between the two sides.
Viet Nam represents the second largest exporter, among the ASEAN members, to the EU.
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.
