Want to be in the loop?
subscribe to
our notification
Business News
EU PUBLISHES EU-VIETNAM FREE TRADE AGREEMENT
According to the usual procedure, the text will now be subject to a legal review to verify its consistency and ensure that all the provisions are formulated in a legally-sound way. It will then be translated into all EU languages as well as into Vietnamese before being signed and ratified by both parties.
“This is a very ambitious agreement that will further strengthen our already very solid bilateral relations,” said head of the EU Delegation to Vietnam, Ambassador Bruno Angelet.
According to Angelet, once in force, the FTA will be mutually beneficial for both sides. Vietnam will consolidate permanent market access to the largest economy in the world and one of its most important trading partners, the European Union.
“I am extremely pleased by the seriousness and high commitment shown by Vietnam to these negotiations. In this respect, we are ready to support Vietnam to ensure it can reap the benefits of the FTA. As outlined in the Press Statement by the President of the European Commission Jean-Claude Juncker, President of the European Council Donald Tusk and Prime Minister of Vietnam Nguyen Tan Dung of December 2015, we will now start working together with the Vietnamese authorities to define a roadmap to prepare for implementation,” said Angelet.
The EVFTA reflects Vietnam’s deep commitment in pursuing trade opening and its transition towards a more competitive and sustainable economy. It includes the elimination of almost all tariffs for goods originating from Vietnam after seven years. There are also commitments in services, public procurement, non-tariff barriers, export duties and a regulatory package.
After Singapore, Vietnam is the second ASEAN partner which has concluded an FTA with the EU and it could offer a good model for the rest of the ASEAN countries.
The EU is Vietnam's largest export market (together with the US) and its second biggest trade partner. Exports to the EU have tripled over the last five years, representing $30.9 billion in 2015 whereas imports accounted for $10.3 billion. In 2015, the EU became Vietnam’s third largest investor, climbing up from the sixth position the previous year. The EU believes that the implementation of the EVFTA will boost the bilateral trade flows and promote further EU investment in line with the sustainable development goals included in the FTA.
Source: VIR
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.