Illustrative imageThe European Council on March 30 passed a decision to ratify the EU-Vietnam Free Trade Agreement (EVFTA), paving the way for the deal to come into force.
Once ratified by the Vietnamese National Assembly, the deal will officially take effect expected at the beginning of this summer.
The EVFTA is expected to create a major push for Vietnam’s exports, helping diversify the country’s exports and markets.
Under the agreement, Vietnam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased in a 10-year period. Meanwhile, the EU will cut more than 70 percent of tariff on Vietnam’s commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years.
The document, together with the EU-Vietnam Investment Protection Agreement, was signed in Hanoi on June 30 last year. They include intensive, extensive and comprehensive commitments covering the fields of economy, trade, investment and sustainable development issues./.