EU-Vietnam FTA entered into force
The European Parliament approved the Free Trade Agreement between the European Union and Vietnam last February. The National Assembly Vietnam approved the ratification of the Free Trade Agreement between the European Union and Vietnam. in June as well This means that the trade agreement with Vietnam entered into force on August 1. After Singapore, Vietnam is the second ASEAN country to conclude a trade agreement with the European Union (EU).
Content of the Vietnam EU Free Trade Agreement
Virtually all customs tariffs will be abolished over the next decade, of which two thirds will already be in force at the commencement date. This will give a substantial boost to mutual trade of some €50 billion. According to the EU, this is the most ambitious trade agreement ever that is made with a developing country. The agreements would lead to better working conditions and human rights in Vietnam.
European companies will have access to the Vietnamese procurement and services market. The Asian country, with some 100 million consumers, undertakes not to counterfeit products that are protected in the EU. Read here more about the content of the trade agreement.
Vietnam exports, among others, telecommunication equipment, clothing and food to Europe. The EU exports in particular machinery, vehicles, chemicals and agricultural products to Vietnam.