EC officially reveals date of EVFTA entering into force


EC officially reveals date of EVFTA entering into force

Once the trade deal comes into effect, 65% of duties on EU exports to the country will be eliminated, while the remainder will be gradually phased out over the course of a 10-year period. Furthermore, 71% of duties are poised to be eliminated on Vietnamese exports to the EU, with the rest being eliminated over a seven-year period.

The EVFTA also features many important provisions with regard to intellectual property protection, workers’ rights, and sustainable development.

It also covers commitments in terms of the implementation of the International Labor Organization’s core standards, as well as various UN conventions regarding climate change response and biodiversity protection.

The EVFTA represents a new generation bilateral agreement that is considered to be an ambitious trade agreement which will seek to eliminate 99% of custom duties between both sides. It is expected to help raise Vietnamese GDP by 4.6%, with exports to the EU anticipated to rise by 42.7% by 2025.

Moreover, EU investors are currently operational in 18 economic sectors and in 52 out of the 63 provinces nationwide. Investment has therefore been the most prominent area of focus, with a particular emphasis placed on manufacturing, electricity, and real estate. With 24 EU nations investing in the country, the Netherlands leads the way, trailed by France, and the UK.

Recommended Content
» Vietnam ratifies EU free trade agreement
The National Assembly has ratified the EU-Vietnam Free Trade Agreement, which will cut or eliminate 99 percent of tariffs on goods traded between the two sides....

See more: Vietnam ratifies EU free trade agreement

» Ratified EU trade pact to boost Vietnam GDP
The EU-Vietnam free trade agreement will increase Vietnam’s annual GDP growth by 0.1 percentage points and boost exports of various sectors, HSBC says....

See more: Ratified EU trade pact to boost Vietnam GDP

» Vietnamese lawmakers ratify trade partnership with EU
On June 8, 2020, deputies at the ninth session of the 14th-tenure National Assembly (NA) unanimously adopted a resolution ratifying the EU-Vietnam Free Trade Agreement (EVFTA), marking a historical...

See more: Vietnamese lawmakers ratify trade partnership with EU

» EVFTA a big opportunity for firms after COVID-19 shock: ministry
Complying with rules of origin is important for firms to expand exports to the European Union. — VNA/VNS Photo HÀ NỘI — The European Union Free Trade Agreement (EVFTA) will create significant...

See more: EVFTA a big opportunity for firms after COVID-19 shock: ministry

» Vietnam nears implementation of historic trade pact with EU
Vietnam’s National Assembly ratified the EU-Vietnam Free Trade Agreement (EVFTA) on June 8, opening the way for implementation of the historic deal this summer. Vietnam hopes the ambitious plan,...

See more: Vietnam nears implementation of historic trade pact with EU

» EU to remove tariffs on Vietnamese tuna once trade deal takes effect
Tuna transported for sale in Khánh Hòa Province. The EU will eliminate tariffs on fresh and frozen Vietnamese tuna products once the European-Việt Nam Free Trade Agreement comes into effect in...

See more: EU to remove tariffs on Vietnamese tuna once trade deal takes effect

» Enterprises seek ways to boost agricultural and aquatic exports
Export volume of Vietnamese agricultural and aquatic products could be increased by improving quality and brand-building. — Photo vov.vn Vietnamese enterprises need to improve product quality, build...

See more: Enterprises seek ways to boost agricultural and aquatic exports

» Farm produce face hurdles to make inroads into EU
While the national agriculture sector is poised to enjoy numerous opportunities brought about by the European-Vietnam Free Trade Agreement (EVFTA), many of its export items are likely to face new...

See more: Farm produce face hurdles to make inroads into EU

» Vietnam-EU free trade agreement mutually beneficial: EuroCham chair
Chairman of the European Chamber of Commerce in Vietnam (EuroCham Vietnam) Nicolas Audier shared his views on the development of commercial relations between the European Union and Vietnam in a...

See more: Vietnam-EU free trade agreement mutually beneficial: EuroCham chair

» Start with EVFTA but do not neglect trade defence
VCN - Up to now, the EU has investigated 14 trade remedies, including six cases of tax evasion investigations related to Vietnam's exports, ranking fifth among the surveyed countries and accounting...

See more: Start with EVFTA but do not neglect trade defence

  • Comment
  • Latest
  • Read