The EU–Vietnam Free Trade Agreement (EVFTA) is a free trade agreement between the
European Union (EU) and the
Socialist Republic of Vietnam
Vietnam, officially the Socialist Republic of Vietnam (SRV), is a country at the eastern edge of mainland Southeast Asia, with an area of about and a population of over 100 million, making it the world's List of countries and depende ...
. The ''EU-Vietnam Investment Protection Agreement (EVIPA)'' was also agreed which is a
bilateral investment treaty.
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. 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. Both agreements were approved by Vietnam's lawmakers with a large majority of around 95% of the vote.
According to the
European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...
, 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
See also
*
United Kingdom–Vietnam Free Trade Agreement
The United Kingdom–Vietnam Free Trade Agreement (UKVFTA) is a free trade agreement between the United Kingdom and Vietnam. It was signed prior to the withdrawal of the United Kingdom of the European Union as a Continuity trade agreement in or ...
: a similar free trade agreement between the
UK and Vietnam. It is largely derived from EVFTA with minor modifications and was made to continue the rights and obligations between the two countries after
Brexit
Brexit (, a portmanteau of "Britain" and "Exit") was the Withdrawal from the European Union, withdrawal of the United Kingdom (UK) from the European Union (EU).
Brexit officially took place at 23:00 GMT on 31 January 2020 (00:00 1 February ...
.
*
European Union free trade agreements
The European Union has concluded free trade agreements (FTAs) and other agreements with a trade component with many countries worldwide and is negotiating with many others.
The European Union negotiates free trade deals on behalf of all of its ...
References
External links
GUIDE TO THE EU-VIETNAM TRADE AND INVESTMENT AGREEMENTS
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
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