WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
EVFTA represents a true ‘win-win’ for Vietnam and EU: EuroCham
Minh Anh 10:03, 2020/06/08
"This historic milestone signals the start of a new relationship with the European Union,” said a EuroCham official.

The EU-Vietnam Free Trade Agreement (EVFTA), which has just been approved by the Vietnamese parliament this morning [June 8] represents a true ‘win-win’ not just for European and Vietnamese enterprises; but also for citizens on both sides, said Chairman of EuroCham Vietnam Nicolas Audier.

 The EVFTA is a win-win for both Vietnam and the EU

“EuroCham welcomes the positive vote on the EVFTA and EVIPA in the National Assembly… This historic milestone signals the start of a new relationship with the European Union,” Audier said in a statement shortly after the approval by the Vietnamese National Assembly (NA).

The NA passed the EVFTA with the backing of all 457 National Assembly deputies present while the Investment Protection Agreement (EVIPA) was endorsed by 95.45% of the deputies.

The EVFTA would enter into force 30 days after the mutual notification between Vietnam and the EU on the completion of their respective legal procedures. Meanwhile, the EVIPA will be implemented later, following ratification in each individual EU member state.

“This agreement represents a vote of confidence in Vietnam, as it is just the second ASEAN nation to sign an FTA with the EU. It will usher in an era of increased trade and investment, and begin the process of phasing out almost 99% of tariff lines and barriers to trade over the next decade. It will also open up new markets to European investment and innovation, and promote sustainable development in Vietnam,” Audier commented.

“The EVFTA is now more important than ever, as trade wars and a global pandemic disrupt normal business operations on an unprecedented scale. Free, fair and rules-based trade is the best roadmap to economic growth, and Vietnam will now have privileged access to an EU consumer market of around 500 million people who will be keen to do business with and invest in a strong, secure, and prosperous nation at the heart of Asia.

“Now, the next step is to ensure a smooth and effective implementation. EuroCham, its 17 Sector Committees and one thousand members look forward to working hand-in-hand with Vietnam to ensure that all sides can unlock the full potential of the EVFTA now and in the future,” Audier concluded.

Vietnam and the EU's economies are complementary, with Vietnam exporting mainly consumer goods to the 28-member bloc while the Southeast Asian country imports mainly pharmaceuticals, machinery and hi-tech items.

RELATED NEWS
TAG: EVFTA EVIPA trade deal APPROVAL National Assembly
Other news
06:23, 2024/09/27
Hanoi unveils 2024 rural industrial plans
Hanoi is expected to organize 60 major trade promotion events this year, including one-sixth abroad.
06:17, 2024/09/27
Hanoi advances supporting industries for hi-tech services
The global commercial aviation market is expected to grow at an annual rate of about 5%, with Vietnam ranking 5th globally and 1st in Southeast Asia in aviation market growth.
19:40, 2024/09/25
Vietnam’s economy remains resilient amid global uncertainties: ADB
The industrial sector continues to be a primary driver of growth, with external demand for major electronics fueling production.
16:12, 2024/09/21
Vietnam’s 9-month fruit and veggie exports match last year's sales
Thanks to growth in major markets like China, the US, and South Korea, Vietnam’s fruit and vegetable exports are expected to set a new record this year.
17:11, 2024/09/20
Growing interest from Chinese investors in Vietnam’s market
Chinese investment has primarily flowed into advanced manufacturing, technology, and professional services sectors.
17:14, 2024/09/19
Hanoi Supporting Industry Fair 2024 draws big business
Big multinationals from Vietnam, Japan, China, Thailand, and Malaysia will gather at the event, which opened on September 18.