The Ministry of Finance said on February 13 that it will build and submit the draft decree to the Government.

When the agreement takes effect, Vietnam will immediately remove 48.5 percent of import tariff lines, equivalent to 64.5 percent of its imports from the EU. The respective rates will reach about 99 percent and 99.8 percent after 10 years.

A shrimp processing factory. Under the EVFTA, Vietnam pledged to erase tariffs on exports to the EU according to a 15-year roadmap.

Regarding the remaining tariffs, the elimination roadmap will last for more than 10 years, or Vietnam will give preferential treatment to the EU on the basis of the World Trade Organisation (WTO)’s tariff quota.

Meanwhile, the country pledged to erase tariffs on exports to the EU according to a 15-year roadmap, except for some products such as crude oil and coal.

On February 12, the European Parliament ratified the EVFTA with 401 votes in favour, 192 against and 40 abstentions. The EU-Vietnam Investment Protection Agreement was also passed the same day.

Both agreements were officially signed in Hanoi on June 30, 2019.

The European Parliament will later issue an announcement on the completion of the EVFTA ratification process and transfer the ratification dossier back to the European Council to complete final procedures.

Vietnamese agencies are also working on procedures to submit the EVFTA to the National Assembly at the session this May. If the parliament adopts the deal in May and the two sides inform each other about procedure completion in June, the EVFTA will become effective on July 1 this year.

EVFTA makes Vietnam more attractive to EU investors

Foreign investors, especially those from the European Union (EU) would find it more appealing to land investment in Vietnam when the EU- Vietnam Free Trade Agreement (EVFTA) takes effect, according to German broadcaster Deutsche Welle (DW).

FTAs encourage food imports, investments in Vietnam

Free trade agreements (FTAs) have created opportunities for food imports and foreign investment in the domestic food industry, according to experts.

FTAs open new chances for Vietnamese farm produce to access big markets

Opportunities created by free trade agreements (FTAs) for Vietnamese farm produce to access big markets in the world were explored at the 4th national farmers’ forum in Hanoi on October 11.

EVFTA: Vietnam’s agro-aquatic products granted tariff preferences

   

EVFTA’s tariff reduction roadmap

  

Source: VNA