The National Assembly passed the EU-Vietnam Investment Protection Agreement (EVIPA) Thursday morning in Ha Noi.

Diplomatic notes informing about Vietnam’s ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) were presented to the EU Delegation to Vietnam on June 18.

Experts have suggested Vietnamese enterprises improve product quality standards to overcome barriers imposed by the fastidious yet promising EU market, thus optimising the advantages to be generated from the EU-Vietnam Free Trade Agreement (EVFTA).

The 14th-tenure National Assembly (NA) opened the ninth session in Hanoi on May 20 morning.

European companies are eager to grasp new business and investment opportunities from the EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement.

The recent ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) by the European Parliament is expected to create a change in the flow of FDI from the EU into Vietnam.

With ratification of the EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement, the floodgates are expected to open for a new wave of European investment into the Vietnamese market. 

The Vietnamese Government is set to issue a decree on the lists of preferential export tariffs and special preferential import tariffs to implement the EU-Vietnam Free Trade Agreement (EVFTA) when the deal comes into force in Vietnam.

The EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement offer significant business opportunities for European enterprises, German Federal Minister for Economic Affairs and Energy Peter Altmaier said.

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

The eighth sitting of the 14th National Assembly (NA) is scheduled to open on October 21, with 10 draft laws to be adopted and another eight bills scrutinized, the NA Secretary General Nguyen Hanh Phuc said on July 16.

Local firms are set to face fierce competition from EU imports thanks to two upcoming agreements between the two sides.