NA ratifies free trade agreement with EU

(VOVWORLD) - Vietnamese lawmakers passed the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) at its ongoing session in Hanoi on Monday.

NA ratifies free trade agreement with EU - ảnh 1All NA deputies in attendance vote in favour of the EVFTA, June 8, 2020. 


Witnessing the voting included Bruno Angelet, Head of the Delegation of the European Union to Vietnam, and ambassadors of the EU countries to Vietnam.

Nguyen Van Giau, Chairman of the National Assembly Committee for External Affairs, said, “The approval is in line with Vietnam’s direction on external relations, which targets the high potential market of 27 EU members, many of them leaders in investment and trade.”

“The agreements will boost two-way trade, help Vietnam participate in global chains, and increase exports of farm produce, seafood, and garments and textiles. The two deals will help Vietnamese people access high quality goods, materials, equipment, and machinery at low prices. The EVFTA also represents an opportunity for Vietnam to make administrative and institutional reforms and improve its investment environment,” Giau noted.

The EVIPA is expected to attract investment capital and advanced technologies from Europe, which already has 2,500 projects in Vietnam worth more than 27 billion USD. 

The agreements are scheduled to take effect in August.