Tuesday, 02 Mar 2021

Vetnam and EU on the cusp of historic new chapter with EVFTA signing

Updated at 16 Jul 2019, 15:44
Sunday 30th June - EuroCham joined the Prime Minister of Vietnam, H.E. Nguyen Xuan Phuc, EU Trade Commissioner Cecilia Malmstrom, and Romanian Minister of for Business, Trade and Entrepreneurship Ștefan-Radu Oprea, at the official signing of the EU-Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA) in Hanoi.
This historic event moves the EVFTA one step closer to ratification, ahead of a crucial vote in the European Parliament. Once the agreement enters into force, it will set in train a gradual elimination of almost all tariffs on goods traded between the EU and Vietnam, opening up new opportunities for investors and consumers on both sides.  

EU investors will get greater access to Vietnam’s fast-growing market, while businesses in Vietnam will get greater access to the EU’s over 500-million consumers. While the agreement will benefit companies of all sizes and in all industries, those selling textiles, footwear, furniture, leather goods, and agricultural produce will be some of the biggest beneficiaries of tariff elimination and more open markets. 
EuroCham has been a strong supporter and integral part of the EVFTA ever since negotiations first began, providing detailed insights and recommendations throughout 14 rounds of negotiations. Once the Agreement was concluded in December 2015, ensuring its swift ratification and implementation has been at the heart of the Chamber’s activities. EuroCham has led three Missions, bringing business leaders to Brussels to highlight the importance of the EVFTA and share the positive changes Vietnam continues to make to its trade environment and legal framework. This included meeting with EU Commissioners, Members of the European Parliament (MEPs), and senior EU officials, as well as speaking at the European Parliament’s International Trade (INTA) Committee on several occasions, most recently in October 2018. 
EuroCham has also held various meetings with Prime Minister, Vice-Prime Ministers and Ministers both here in Vietnam and overseas to advocate on behalf of our members. EuroCham joined the Prime Minister in Davos at the World Economic Forum, promoting Vietnam as an attractive trade and investment environment to European business leaders and highlighting the opportunities of the EVFTA. Other events, such as “Meet Europe 2018” and the Chamber’s annual “Whitebook” launches, have further strengthened EU-Vietnam relations and highlighted the importance of this historic free trade agreement. 
Following today’s signature, EuroCham will now do all it can to mobilise this momentum and push for a positive vote in the European Parliament, and continue to help Vietnam prepare the ground for smooth and effective implementation of the EVFTA.
Hoai Nam - communication@eurochamvn.org 

Talking about this event, General Director of Vietnam Technique Development  Company VTD Tran Tien Dat said: "EU-Vietnam Free Trade Agreement (EVFTA) will bring many opportunities and challenges to the business activities of Vietnamese enterprises in general and VTD in particular. After the entry into force of this agreement, products imported by VTD from the EU will receive tax exemptions, including Vimar products, currently subject to import tariffs of up to 20%. So after tax exemption, company will reduce the price of its products to increase competitiveness in the domestic distribution market. Besides, this agreement also poses many challenges such as an open business environment that can attract EU producers to open factories and product distribution networks directly in Vietnam market, thereby reducing or eliminating the role of domestic distribution businesses including VTD. ”
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