VN National Assembly to ratify EVFTA shortly
The EU-Vietnam Free Trade Agreement (EVFTA) is expected to be ratified by the National Assembly (NA) on May 20, the first day of the 14th NA’s ninth session, according to the Ministry of Industry and Trade (MoIT).
Tuna is among Vietnam's key exports to the EU
The ministry has also worked closely with the Government Office and the Presidential Office to complete the President’s report and prepared the relevant content for ratification documents to be submitted to the legislature.
Luong Hoang Thai, head of the MoIT’s Multilateral Trade Policy Department, said the ministry completed the ratification documents at the beginning of the year and submitted them to the Government for consideration.
It also worked with the Ministry of Justice to update the Government’s legal review in service of the EVFTA’s implementation.
At an April 21 meeting of the NA’s Committee for External Relations on the ratification of the EVFTA, the Minister of Industry and Trade directly reported to and answered questions from deputies.
The EVFTA needs to be ratified by the European Parliament (EP) and approved by the European Council (EC) to become effective.
The EP ratified the deal on February 12, with 401 votes in favour, 192 against, and 40 abstentions.
Then, on March 30, the EC approved the deal, completing the final legal procedure in the EU’s internal ratification process.
The deal now only awaits the NA’s ratification to take effect in both the EU and Vietnam./.
Vietnam is looking forward to receiving high-quality investments from Europe once the EU-Vietnam FTA (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) take effect.