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Signing a Free Trade Agreement with the European Union

After a long period of negotiation, the Free Trade Agreement between the European Union (“EU”) and Vietnam (“EVFTA Agreement”) was officially signed in Hanoi last Sunday, 30/6/2019. Previously, on June 25, 2019, the EU announced the signing of a Free Trade Agreement with Vietnam, the second-largest trading partner in the Southeast Asian region of the EU.

When the EVFTA Agreement comes into effect, 65% of the import tariff lines on EU imports into Vietnam will be removed, and the rest will be gradually reduced to eliminate under the long-term roadmap of ten years. Similarly, 71% of import tariffs on Vietnamese goods imported into the EU will be removed immediately.

According to the Council of the European Union, the value of two-way trade in goods between the EU and Vietnam is 50 billion Euros annually and 4 billion Euros of the trade value of services.

In addition to the EVFTA Agreement, the Agreement on Investment Protection (“EVIPA”) between Vietnam and the European Union has also been signed.

Via pwc

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