Vietnam ratifies free trade agreement with EU
Last February, the European Parliament approved the Free Trade Agreement between the European Union and Vietnam. The European Council already signed the agreement in Hanoi in the summer of 2019.
UPDATE JUNE 8, 2020 - The National Assembly Vietnam approved the ratification of the Free Trade Agreement between the European Union and Vietnam. The publication of the Trade Agreement will follow shortly. We will keep you informed about the developments regarding the effective date and the way of using the preferential tariffs of this agreement.
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.