A ceremony was held on June 30 for the signing of the EU – Vietnam Free Trade Agreement and the EU – Vietnam Investment Protection Agreement. Prime Minister Nguyen Xuan Phuc witnessed the signing.
The EU-Vietnam Free Trade Agreement (EVFTA) will provide a cooperation framework, helping the two sides discuss regulations, simplify customs procedures and build a mechanism to address potential risks, according to Pascale Rouhier, Secretary General of the European Liaison Committee for Agricultural and Agri-Food Trade.
The European Union – Vietnam Free Trade Agreement (EVFTA), once taking effect, will benefit the agricultural sector of Vietnam which is leading the world in pepper exports and ranking second in terms of coffee exports, third in rice, fourth in seafood and fifth in wood and wood products.
After Vietnam signed a bilateral free trade agreement with the European Union (EU), many Japanese enterprises expressed their optimism about business opportunities that the deal could bring to the Southeast Asian market.
Vietnam and the European Union (EU) last week signed a landmark free trade deal that will slash tariffs on almost all goods, including wood and timber products. It is expected to give Vietnamese wood exporters better market access and more opportunities to expand their business.
With tax barriers for less sensitive commodities being lifted within no later than three years since the adoption of EVFTA, Vietnam’s garment and footwear industries are predicted to be beneficial.
The freshly-signed EU-Vietnam Free Trade Agreement (EVFTA) will help the Vietnamese steel sector expand export markets in Europe, industry insiders said.
Vietnam’s benchmark VN-Index has risen since the ratification of the EU-Vietnam trade agreement on the back of listed firms whose exports would be boosted by the deal.