Vietnam accelerates process to put EU trade deal into operation

The European Union (EU) – Vietnam Free Trade Agreement (EVFTA) will officially take effect for both the EU and Vietnam after the National Assembly ratifies and the two sides complete the notification procedures under the agreement.

Vietnam accelerates process to put EU trade deal into operation
A frog meat processing line for export to the EU at Tan Thanh Loi Company in the southern province of Long An. — Photo vietnamplus.vn

The Ministry of Industry and Trade (MoIT) on Thursday said the country has been aggressively preparing for the approval process.

According to EU internal procedures, the EVFTA needs to be ratified by the European Parliament (EP) and then signed by the European Council to take effect.

On February 12, the EP voted to approve EVFTA with 63.35 per cent of the votes in favour. On March 30, the European Council also approved the agreement, completing the final legal procedure according to the internal EU approval process.

In Vietnam, the Government has submitted the records for EVFTA implementation, prepared by the ministry to President Nguyen Phu Trong then the National Assembly for approval.

The ministry also sent the President's Office some additional information and documents for the submission of approval documents.

Recently, to serve the National Assembly's Foreign Affairs Committee in appraising and ratifying the EVFTA, the MoIT sent a dossier of submission for approval with all required contents as well as introductory information and explanations about the agreement.

The ministry has worked with the President’s Office and Government Office to complete the document for the approval of the EVFTA for discussion at the NA Standing Committee’s 44th meeting scheduled on April 20 before it is submitted to the NA.

 

It has also worked with the EU in building and completing the mechanism for granting tariff-rate quotas to Vietnamese rice with a quota tax rate of 0 per cent when exported to the EU.

The ministry has drafted the main contents of the plan to prepare for the implementation of EVFTA, defining the objectives, key tasks and the co-ordinating units to implement the plan.

The key tasks include disseminating information about EVFTA and EU markets; building laws and institutions; improving competitiveness and developing human resources; policies for trade union organisations and labourers at enterprises; social security policies, environmental protection and sustainable development.

Luong Hoang Thai, director of the ministry’s Multilateral Trade Policy Department, said the MoIT’s implementation plan for the key tasks would be divided into two periods of 2020 and 2021-25.

According to research released by the Ministry Planning and Investment, the EVFTA will help Vietnam’s export turnover increase by 20 per cent this year; 42.7 per cent by 2025 and 44.37 per cent by 2030 compared to without having the agreement. In addition, the import turnover from EU would also increase by 15.28 per cent in 2020; 33.06 per cent by 2025 and 36.7 per cent by 2030. — VNS

National Assembly plans to ratify EU trade deal at next meeting

National Assembly plans to ratify EU trade deal at next meeting

The European Union – Vietnam Free Trade Agreement (EVFTA) will be submitted to the National Assembly for discussion and ratification at the NA’s next meeting expected to open on May 20, and preparations are well underway.  

EU lawmakers approve free trade deal with Vietnam

EU lawmakers approve free trade deal with Vietnam

The European Parliament (EP) on February 12 ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).

 
 

Other News

.
Mekong Delta needs VND5 trillion investment for freshwater supply projects
Mekong Delta needs VND5 trillion investment for freshwater supply projects
BUSINESSicon  29/05/2020 

To ensure rural residents have access to fresh water in the 2021-2025 period, localities in the Mekong Delta will require an investment of VND5 trillion.

From containment to recovery: rescuing the ASEAN from crisis
From containment to recovery: rescuing the ASEAN from crisis
BUSINESSicon  29/05/2020 

Strong regionally co-ordinated actions and strong leadership are the key elements required to rescue the ASEAN from economic difficulties due to the ongoing pandemic.

Vietnam to import live pigs to cut live hog prices at home
Vietnam to import live pigs to cut live hog prices at home
BUSINESSicon  29/05/2020 

Vietnam will allow the import of live pigs for the first time in a bid to counter the skyrocketing live hog prices in the domestic market, said an agricultural official.

Vietnam domestic pepper prices hit one-year high
Vietnam domestic pepper prices hit one-year high
BUSINESSicon  29/05/2020 

Vietnam pepper prices rose to a one-year high on Wednesday, driven by Chinese consumption recovery and higher demands from local businesses. 

Full-scale audit compulsory to all PPP projects: NA deputies
Full-scale audit compulsory to all PPP projects: NA deputies
BUSINESSicon  29/05/2020 

A full-scale audit should become compulsory for work carried out under public-private partnerships to make sure they are efficient and benefit all stakeholders, lawmakers have told the National Assembly.

Shrimp exports expected to increase in coming months
Shrimp exports expected to increase in coming months
BUSINESSicon  29/05/2020 

Viet Nam’s pushback of COVID-19 pandemic has helped shrimp exporters raise their competitiveness on the world market, being over other competitors...

HCM City says petrol supply adequate to fully meet demand
HCM City says petrol supply adequate to fully meet demand
BUSINESSicon  29/05/2020 

The HCM City Department of Industry and Trade has assured there is an adequate supply of petroleum products to meet demand and it will prevent any hoarding of these goods.

Air passenger transport increases slightly in May
Air passenger transport increases slightly in May
BUSINESSicon  29/05/2020 

The Civil Aviation Authority of Vietnam reported that the number of passengers through airports nationwide reached 2.88 million passengers this month, down 70 per cent compared to the same period last year.

Man jailed for stock manipulation
Man jailed for stock manipulation
BUSINESSicon  29/05/2020 

 The Ha Noi People's Court on Wednesday sentenced one person to 18 months in jail over stock market manipulation at Binh Thuan Mineral Industry JSC (KSA).

Catfish sales focus on home market as exports fall
Catfish sales focus on home market as exports fall
BUSINESSicon  30/05/2020 

Catfish products can bring export turnover of $2 billion a year, but, surprisingly, the fish has not been favored in the home market.

North-South Expressway faces lack of funds
North-South Expressway faces lack of funds
BUSINESSicon  29/05/2020 

The Ministry of Transport (MOT) said that it has been difficult to mobilize credit capital for the huge eastern North-South Expressway project.

Utilisation of EVFTA requires strict clarity
Utilisation of EVFTA requires strict clarity
BUSINESSicon  29/05/2020 

The upcoming bilateral free trade between Vietnam and the EU may be a tough nut to crack unless the country can make thorough preparations for fulfilling commitments in the deal to further its trade and investment with the bloc.

Proposal to halt M&A a question of fine balance
Proposal to halt M&A a question of fine balance
BUSINESSicon  29/05/2020 

Just a few days ago, Tiki and Sendo struck a hundred-million dollar deal that could redraw the landscape of the entire e-commerce industry,

Investing frameworks can entice even more
Investing frameworks can entice even more
BUSINESSicon  29/05/2020 

Starting with the silent move of global smartphone titan Apple, companies have been shifting their facilities to Vietnam, following the call for more lucrative investment opportunities.

FiT revamp vulnerable to speculation
FiT revamp vulnerable to speculation
BUSINESSicon  28/05/2020 

Despite bankability concerns inherent in power purchase agreements, investing in renewable power is a bright spot in Vietnam as developers rush to take advantage of the current feed-in tariff. 

EVFTA to fan flames of European investor interest
EVFTA to fan flames of European investor interest
BUSINESSicon  28/05/2020 

European investors are expected to stir mergers and acquisitions activities in the coming time as the landmark free trade agreement between the European Union and Vietnam nears ratification. 

Seaport ambitions fail to hold water
Seaport ambitions fail to hold water
BUSINESSicon  28/05/2020 

Despite some improvements, seaport joint ventures between foreign partners and state-owned shipping giant Vietnam Maritime Corporation continued to incur losses in the first quarter of this year, 

COVID-19 a boost for Vietnam’s fintech
COVID-19 a boost for Vietnam’s fintech
BUSINESSicon  28/05/2020 

As a promising digital economy, Vietnam has facilitated fintech development to penetrate deeper and faster into the world’s digital economy, especially in the post-COVID-19 period.

Vietnamese take increasingly to cashless payments
Vietnamese take increasingly to cashless payments
BUSINESSicon  28/05/2020 

Non-cash payments have increased sharply, especially through mobile devices and the internet, according to the State Bank of Vietnam.

Vietnam should enhance its productivity to grow: WB
Vietnam should enhance its productivity to grow: WB
BUSINESSicon  28/05/2020 

Vietnam should focus on a productivity-driven development model to become a high-income economy by 2045, according to the latest report from the...

 
 
 
Leave your comment on an article

OR QUICK LOGIN