European Union–Vietnam Free Trade Agreement
Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam | |
---|---|
![]() Vietnam European Union (EU) | |
Type | Free trade agreement |
Signed | 30 June 2019 |
Location | Hanoi, Vietnam |
Effective | 1 August 2020 |
Condition | Approval by all signatories |
Parties | |
Languages | Vietnamese and all official EU languages |
The EU–Vietnam Free Trade Agreement (EVFTA) is a free trade agreement between the European Union (EU) and the Socialist Republic of Vietnam. The EU-Vietnam Investment Protection Agreement (EVIPA) was also agreed which is a bilateral investment treaty.[1]
The agreement deepens the Vietnam–European Union relations and was adopted by Council Decision (EU) 2020/753 of March 30, 2020 on the conclusion of the free trade agreement between the EU and Vietnam.[2] The agreement was passed in Vietnam on June 8, 2020, in the Vietnamese National Assembly and entered into force on August 1 of that year.[3] Both agreements were approved by Vietnam's lawmakers with a large majority of around 95% of the vote.[4]
According to the European Commission, the agreements will provide opportunities to increase trade and support jobs and growth on both sides, through
- Eliminating 99% of all tariffs
- Reducing regulatory barriers and overlapping red tape
- Ensuring protection of geographical indications
- Opening up services and public procurement markets
- Making sure the agreed rules are enforceable[5]
See also[]
References[]
- ^ "EVFTA, EVIPA opportunities for Vietnam's development and integration". THE VOICE OF VIETNAM. 2020-06-08. Retrieved 2021-01-03.
- ^ "COUNCIL DECISION (EU) on the conclusion of the Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam, 2019/753 of 30 March 2020". Official Journal of the European Union.
- ^ "EVFTA officially effective from August 1". Customs News (in Vietnamese). 2020-06-10. Retrieved 2021-01-03.
- ^ VnExpress. "Vietnam ratifies EU free trade agreement - VnExpress International". VnExpress International – Latest news, business, travel and analysis from Vietnam. Retrieved 2021-01-03.
- ^ "EU-Vietnam Agreements". Trade - European Commission. Retrieved 2021-01-03.
External links[]
- Treaties entered into by the European Union
- Treaties of Vietnam
- Free trade agreements of the European Union
- Free trade agreements of Vietnam
- Treaties concluded in 2019
- Treaties entered into force in 2020
- International law stubs