On the afternoon of June 30, 2019, in Hanoi, the EU-Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement between Vietnam and the European Union (IPA) were signed.
The signing ceremony took place in the presence of Vietnamese Prime Minister Nguyen Xuan Phuc, Ms. Cecilia Malmstrom – High Commissioner for Trade of the European Union, Romanian Minister of Business, Trade and Enterprise Ștefan-Radu Oprea. The European Chamber of Commerce in Vietnam (EuroCham) was also present at this important ceremony.
This historic event has pushed the EVFTA one step closer to ratification and an important vote in the European Parliament. The agreement, once effective, will realize the elimination of almost all tariffs on goods traded between the EU and Vietnam, respectively, opening up new opportunities for investors and consumers in Vietnam both sides.
EU investors will have the opportunity to gain deeper access to Vietnam’s rapidly growing market, while businesses in Vietnam will have deeper access to more than 500 million consumers of the European market. . This agreement will benefit businesses in all industries and of all sizes, with the textile, footwear, furniture, leather goods and agricultural products sectors being the preeminent beneficiaries of the agreement. Eliminate tariffs and expand markets.
Since the beginning of the negotiations and throughout the 14 rounds of EVFTA negotiations, EuroCham has continuously proposed detailed recommendations, and is always ready to support and be active in activities indispensable for the signing of the agreement. EVFTA becomes a reality today. After the EVFTA negotiations ended in December 2015, ensuring quick ratification and implementation became a central goal in the Association’s activities..EuroCham organized three delegations , brought business leaders to Brussels to highlight the importance of the EVFTA and share the positive changes to the commercial environment and legal framework that the Vietnamese side has made. The program of activities includes sessions with EU Commissioners, Members of the European Parliament (MEPs) and senior EU officials,
EuroCham, representing member businesses, has organized many meetings with Prime Ministers, Deputy Prime Ministers and Ministers in Vietnam and abroad. EuroCham participates in the World Economic Forum in Davos, attended by Prime Minister Nguyen Xuan Phuc to promote Vietnam as an attractive trade and investment environment for European investors and highlight opportunities that EVFTA brings. In addition, EuroCham also organizes many events such as “Meet Europe 2018” and the annual White Paper Publication Ceremony, aimed at tightening EU-Vietnam relations and emphasizing the importance of the trade agreement. this historic freedom.
Following today’s signing, EuroCham will intensify efforts to highlight the benefits of this Agreement and promote a positive vote in the European Parliament, and continue to help Vietnam prepare the ground for implementation. implement EVFTA smoothly and effectively.
Talking about this event, Mr. Tran Tien Dat – General Director of Vietnam Technical Development Co., Ltd. said: “The EU-Vietnam Free Trade Agreement (EVFTA) brings many opportunities and challenges to the Vietnamese economy. business activities of Vietnamese enterprises in general and Vietnam Technical Development Co., Ltd. VTD in particular. After this agreement comes into effect, products imported by VTD from the EU will be exempt from tax, including Vimar’s products, which are currently subject to import tax of up to 20%. Therefore, after being exempted from tax, the company will reduce the selling price of its products to increase competitiveness in the domestic product distribution market.