National Assembly deputies officially ratified the Europe-Vietnam Free Trade Agreement (EVFTA) and the Europe-Vietnam Investment Protection Agreement (EVIPA) on June 8.
The EVFTA is expected to give Vietnamese companies better access to European markets, thus ensuring Vietnam’s economic security.
|National Assembly deputies vote to approve the Europe-Vietnam Free Trade Agreement (EVFTA) and the Europe-Vietnam Investment Protection Agreement (EVIPA)__Photo: VNA
The trade pact will erase import tax for Vietnamese products. In exchange, Vietnam is expected to become more attractive to European investors.
The trade pact is expected to boost Vietnam’s total gross domestic product (GDP) by 2.4 percent and exports by 12 percent by 2030.
The EVIPA will help Vietnam strengthen its important political and economic position in the Southeast Asia and Asia-Pacific regions, heightening the nation’s status in ASEAN and other international organizations.
The investment protection deal will encourage Vietnam to keep working to complete its legal system and improve the investment and business environment for all investors.
The EVIPA will replace 21 bilateral investment protection agreements that Vietnam has with European governments. The agreement contains four chapters, 92 articles and 13 appendices.
The ratification of the two deals will help tighten the bond between Vietnam and the European Union in economic development, trade and investment.
On the same day, NA deputies also passed the resolution that allows Vietnam to join the International Labor Organization’s Convention 105 on abolition of forced labor.- (VNS/VLLF)