According to the ministry, the European Council on March 30 passed a decision to ratify the EVFTA, which was approved by the European Parliament on February 12.

Once ratified by the Vietnamese National Assembly in May this year, the EVFTA will officially take effect.

This decision is the final legal step under the EU’s internal approval procedure, which is expected to pave way for the deal to come into force, the ministry said.

Once ratified by the Vietnamese National Assembly in May this year, the deal will officially take effect, it added.

Under the agreement, Vietnam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased over a 10-year period. Meanwhile, the EU will cut more than 70 percent of tariffs on Vietnam's commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years.

Gov’t to issue lists of preferential tariffs under EVFTA

The Government is set to issue a decree on the lists of preferential export tariffs and special preferential import tariffs to implement the EU-Vietnam Free Trade Agreement (EVFTA) when the deal comes into force in Vietnam.

EVFTA, EVIPA improve Vietnam’s position in world arena

The European Parliament (EP) on February 12 ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA). The trade pacts help Vietnam enhance its role in the world arena.

European Parliament ratifies EVFTA and EVIPA

The European Parliament (EP) on February 12 ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).

EP ratifies EVFTA, EVIPA

The European Parliament (EP) on February 12 ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).

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).

Source: VNA