February 12, 2020

European Parliament Ratifies Historic Free Trade Agreement with Vietnam

The European Parliament has today given its consent to ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and EU-Vietnam Investment Protection Agreement (EVIPA). In a historic vote in Strasbourg, Members of the European Parliament (MEPs) voted in favour of these agreements.

The voting session concluded with around 63% members of the EU Paliarment voted in favour of both the EVFTA and the EVIPA.

The next and final step before the EVFTA can enter into force is a vote in the National Assembly of Vietnam. Once it enters into force, the EVFTA will begin to phase out almost 99 per cent of tariff lines and barriers to trade between Vietnam and the EU. Tariffs on two-thirds (65 per cent) of EU exports and 71 per cent of Vietnamese exports will be eliminated the moment the agreement enters into force, with the rest being phased out over a decade-long implementation period. The EVFTA also includes important provisions on environmental protection and labour rights, ensuring that Vietnam’s continued economic growth does not come at the cost of its natural heritage and keeps Vietnam on the path of stronger standards at work.

EuroCham and the Vietnamese Embassy to EU with Mr. Bui Thanh Son – Deputy Minister of Ministry of Foreign Affairs – attending the EU Parliament voting session today in Strasbourg, France

 

Nicolas Audier, Chairman of EuroCham, said:

“This is an historic moment for EU-Vietnam relations, and one which will open the door to a new chapter of increased trade and investment between our two sides. It will enable European business to be at the forefront of the next phase of Vietnam’s socio-economic development, and ensure that Vietnamese companies and consumers have privileged access to European markets, products, and services. Likewise, EU companies will have greater access to Vietnam’s fast-growing market.

“This vote is the culmination of almost a decade of work. Negotiations began as long ago as 2012, and EuroCham supported the EVFTA through 12 rounds of dialogue. Since the agreement was concluded in 2015, we have lobbied hard to persuade MEPs of the benefits of the EVFTA not just to trade – essential though this is – but also to the livelihoods, life chances, and living standards of people in Vietnam.

“However, today’s vote is not the end of the process. In fact, it is just the beginning. Now, we must ensure a smooth implementation of the EVFTA so that companies and consumers on both sides can unlock the full potential of this agreement. EuroCham will be an active participant in this process, and we will work with the Government of Vietnam, Vietnam Chamber of Commerce and Industry (VCCI) and our partners to make sure that the benefits agreed to in principle are realised in practice.”

More News

See all

May 24, 2024

EuroCham engages in the EU-Vietnam Research & Innovation Community Meeting

Read more

May 24, 2024

EuroCham participated in a consultation on Vietnam’s Direct Power Purchase Agreement Framework

Read more

May 24, 2024

Productive Dialogue at the Law on Standards and Technical regulations Consultation

Read more

May 24, 2024

EuroCham emphasises soft skills and sustainability training at a forum organised by the Ministry of Education and Training

Read more

May 24, 2024

[Sector Committee Spotlight] Transport and Logistics Sector Committee: driving Vietnam’s progress

Read more

May 22, 2024

[CORPORATE PARTNERS] BASF expands its biomass balance portfolio for selected chemical intermediates

Read more

May 22, 2024

[Work @ EuroCham] GEFE PROJECT OFFICER – based in Ho Chi Minh City

Read more

May 22, 2024

[Work @ EuroCham] CORPORATE RELATIONS cum MEMBERSHIP EXECUTIVE – based in Ho Chi Minh City

Read more

May 17, 2024

EuroCham convenes collaborative meeting with the EU Ambassador to Vietnam

Read more

May 17, 2024

Traditional Breakfast Commemorates Norwegian Constitution Day’s 210th Anniversary

Read more

May 17, 2024

EuroCham engages in Information Exchange Conference on Power Supply 2024

Read more

May 17, 2024

Welcoming New Members to the EuroCham Family!

Read more

May 17, 2024

EuroCham celebrates Europe Day in Ho Chi Minh City

Read more

May 17, 2024

EuroCham to further enhance Green Synergies with the Global Green Growth Institute (GGGI)

Read more

May 10, 2024

EuroCham congratulates VCCI on the successful launch of the 2023 Provincial Competitiveness Index (PCI) & Provincial Green Index (PGI)

Read more

May 10, 2024

EuroCham continues to engage in administrative reform dialogue with the Prime Minister’s Taskforce on Administrative Procedure Reform

Read more

May 10, 2024

EuroCham Vietnam celebrates European unity on Europe Day

Read more

May 03, 2024

[Sector Committee Spotlight] Nutritional Foods Group (NFG) Sector Committee

Read more

May 02, 2024

[CORPORATE PARTNERS] Nestlé Vietnam promotes initiatives on emission reduction

Read more

April 29, 2024

[Event Recap] EuroCham and PwC Vietnam’s business luncheon on “CSRD and Its Impacts on Businesses in Vietnam”

Read more

April 26, 2024

ASEAN Future Forum envisions sustainable, people-centered growth

Read more

April 26, 2024

EuroCham leaders meet with EU’s Asia-Oceania Working Party

Read more

April 26, 2024

EuroCham Vietnam Board Member Stuart Livesey joins VBF leadership for 2024

Read more

April 26, 2024

EuroCham Vietnam engages in discussions on rooftop solar energy and DPPA mechanism

Read more

April 26, 2024

[CORPORATE PARTNERS] Deutsches Haus Ho Chi Minh City achieves Second LEED Platinum Certifications for Operation and Maintenance as first Building in Vietnam and South East Asia

Read more

April 25, 2024

EuroCham delegation holds strategic meetings with national authorities

Read more

April 19, 2024

[CORPORATE PARTNERS] BASF to showcase sustainable additive solutions at CHINAPLAS 2024

Read more

April 19, 2024

[Event recap] EuroCham’s Tourism & Hospitality Sector Committee’s “Travel Together” event emphasizes collaboration for a sustainable tourism future

Read more

April 19, 2024

EuroCham’s Construction Sector Committee and the Ministry of Construction’s International Cooperation Department forge stronger ties

Read more

April 19, 2024

EuroCham meets with the Electricity Regulatory Authority of Vietnam to discuss renewable energy policies

Read more

Pour une expérience optimale, veuillez tenir votre mobile à la verticale !

Platinum Partners

Gold Premium Partners

Gold Partners

Silver Partners

Premium Service Partners