EU Through The European Free Trade Agreement

The European Parliament passed the trans European Free Trade Agreement (EVFTA) in February 12th (2020). Vietnam has become the first Asian Pacific region to develop free trade relations with the European Union. This proves the important geographical and political status and role of Vietnam in the region.

At present, the European Union is one of Vietnam's largest export markets. The export volume of Vietnam to Europe (2019) was $41 billion 480 million, and imports from the European Union amounted to US $14 billion 910 million. This agreement will help Vietnam to promote exports and diversify the market and achieve higher added value through the establishment of a new supply chain.

In accordance with EU regulations, the former agreement is subject to the approval of the European Commission. The two sides inform each other of the completion of the first day of the second months after the completion of the internal operation or the other time point reached by the two sides.

As for Vietnam, the government is also speeding up its internal procedures and operations, so that it can get congressional approval as soon as possible. In addition, the Ministry of Commerce and industry has formulated and submitted relevant government action plans on EVFTA implementation. Among them, 5 major tasks have been laid down: the formulation of legal system, the improvement of competitiveness and human resources development, the policies and propositions of trade unions and ILO to enterprises, social welfare policies, environmental protection and sustainable development.

In addition, in order to facilitate the industry and the public to further grasp the previous agreement and make full use of the business opportunities that the agreement can bring, the Ministry has posted the full text of the agreement and the explanation of commitments in important areas and so on on the http://evfta.moit.gov.vn website. The plan of action and information on the implementation of the agreement and the laws and regulations to be promulgated in the future.