eu-vietnam free trade agreement
Textile, garment and footwear products made in Vietnam will not enjoy immediate tariff cuts after the EU-Viet Nam Free Trade Agreement (EVFTA) comes into effect.
Vietnam’s benchmark VN-Index has risen since the ratification of the EU-Vietnam trade agreement on the back of listed firms whose exports would be boosted by the deal.
With tax barriers for less sensitive commodities being completely lifted within no later than three years since the adoption of the or EVFTA, Vietnam’s garment and footwear industries are predicted to be beneficial from the trade deal.
Once the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, over 99 percent of tariff on goods from both sides will be lifted, a Vietnamese official has said.
Local firms are set to face fierce competition from EU imports thanks to two upcoming agreements between the two sides.
Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung paid a working visit to the EU and Belgium on June 20-21 to speed up the signing of the EU-Vietnam free trade agreement.