At the signing ceremony for EVFTA (Photo: VNA) Hanoi (VNA) – The EU – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA) were officially signed in Hanoi on June 30 afternoon, in the witness of Prime Minister Nguyen Xuan Phuc, Vietnamese National Assembly and Government leaders, and leaders of the European Union (EU). The EVFTA was inked by Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia, and the EVIPA, between Minister of Planning and Investment Nguyen Chi Dung and an EU leading official. Speaking at the signing ceremony, PM Phuc said that at the G20 summit in Japan on June 29, he had an important meeting with President of the European Commission Jean-Claude Juncker who stressed that June 30, 2019, is a special day of historical significance in the Vietnam – EU relations. The signing of the two important agreements has opened up a new horizon for a larger and more … [Read more...] about Vietnam, EU sign free trade, investment protection agreements
Eu vietnam free trade agreement
Long-awaited EU-Vietnam free trade deal inked in Hanoi
The signing ceremony was witnessed by Vietnam's Prime Minister Nguyen Xuan Phuc and Cecilia Malmstrom, European Commissioner for Trade. "Fifteen years ago, Vietnam was a small trade partner of the EU with an export turnover of $26 billion and needed EU assistance. Now the two sides have stepped into a new phase of relations, signing a new generation FTA based on transparency and openness," Minister of Industry and Trade Tran Tuan Anh said at the event. In mid last year, Vietnam and the EU agreed to split the original text of the EVFTA into two parts, an FTA which includes the main provisions, and a separate Investment Protection Agreement (IPA). Minister Anh said the signing of the EVFTA and IPA are the first steps and the two sides will still have to do lots of work to have the deals ratified and enforced. Cecilia Malmstrom said: "Very soon Vietnamese consumers will have access to goods from Europe and vice versa." She emphasized that EVFTA will eliminate 99 percent of … [Read more...] about Long-awaited EU-Vietnam free trade deal inked in Hanoi
Vietnam, EU set to ink landmark free trade agreement soon
The European Union and Vietnam are scheduled to sign a free trade agreement next week which will help remove up to 99.7% of tariff lines on Vietnamese exports to the EU over a seven-year period. The European Union-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement will be reached on June 30 in Hanoi after the two sides agreed on decisions on the signature of the two agreements. Minister of Industry and Trade Tran Tuan Anh. Photo by VNA According to Minister of Industry and Trade Tran Tuan Anh, after the EVFTA comes into force, up to 99.7 percent of tariff lines for Vietnam's exports over seven years. This is the highest commitments Vietnam has made in a FTA so far. The EVFTA will pave the way for Vietnamese exports to the EU, particularly highly-competitive farm produce, seafood, footwear and garment and textiles, the minister added. At present, just 42% of Vietnamese exports to the EU enjoy zero tariffs in line with the Generalized System of … [Read more...] about Vietnam, EU set to ink landmark free trade agreement soon
French parliamentarian backs EU-Vietnam free trade agreement
An apparel factory of the Far Eastern New Apparel Vietnam company in Bac Dong Phu Industrial Park of Binh Phuoc province (Photo: VNA) Paris (VNA) – President of the France-Vietnam Friendship Group at the French National Assembly Stephanie Do said the group strongly backs the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA), which she described as a gateway for EU and Vietnam to access each other’s market more easily. In an interview granted to the Vietnam News Agency’s correspondent in Paris ahead of an official visit to France by Chairwoman of the Vietnamese National Assembly Nguyen Thi Kim Ngan, the MP said the EVFTA plays an important role in promoting economic and commercial exchange, benefiting both the EU and Vietnam. She noted that France is the 16th biggest foreign investor in Vietnam, but accounts for less than 1 percent of the Vietnamese market. France wants to develop strongly bilateral relations in all aspects, so as to … [Read more...] about French parliamentarian backs EU-Vietnam free trade agreement
Vietnam poised to profit from free trade agreements
Lindsey Ice, senior economist from Spanish-based FocusEconomics, which provides in-depth global economic analysis Since the doi moi policy started in 1986 and more recently through its accession to the World Trade Organization in 2007, Vietnam has become a success story of robust economic growth driven by trade liberalisation and global integration. Indeed, Vietnam’s opening to international commerce and FDI has undoubtedly played a pivotal role in the stellar growth it has experienced over the last three decades, which transformed it from one of the poorest nations in the world to a middle-income market economy. Its economic narrative has been one of rapid transition from an agriculture-based economy to one where manufacturing and services play a much larger role. One key way of boosting trade and economic development is through participation in free trade agreements (FTAs). Two such pacts that are slated to come into effect in 2019 and could have a profound impact on the … [Read more...] about Vietnam poised to profit from free trade agreements