Vietnam notifies EU of parliamentary ratification of EVFTA and EVIPA
Vietnam notifies EU of parliamentary ratification of EVFTA and EVIPA
Following the handover of the diplomatic note, the Vietnam – EU trade deal is set to take effect on August 1, 2020.
Vietnam’s government representatives on June 18 handed over a diplomatic note notifying the passage by the National Assembly (NA) of both the EU – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA) to the EU Delegation in Hanoi.
Vice Minister of Foreign Affairs Bui Thanh Son handed over the diplomatic note regarding the completion of legal pprocedures for both EVFTA and EVIPA to Ambassador of the EU to Vietnam Giorgio Aliberti. Source: MoFA.
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At the event, Vice Minister of Foreign Affairs Bui Thanh Son stressed the ratification of the two agreements by the European Commission in February and Vietnam’s NA recently demonstrated strong desire from both parties to expand the comprehensive partnership between Vietnam and the EU after 30 years of the establishment of diplomatic relations.
Following the handover of the diplomatic note, the EVFTA is set to take effect on August 1, 2020, while the EVIPA still requires approval from all EU members.
Deputy Minister Son urged both sides to continue close cooperation for early implementation of the EVFTA, in turn bringing mutual benefits for the people and enterprises from both Vietnam and the EU.
Additionally, Son suggested EU members to soon ratify the EVIPA at the earliest possible date.
The ratification of both deals is a historical mark and lays a solid foundation for stronger cooperation between Vietnam and EU. Photo: MoFA.
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Ambassador of the EU to Vietnam Giorgio Aliberti congratulated Vietnam’s NA and the government on the completion of legal procedures related to the EVFTA and EVIPA.
According to Aliberti, the ratification of both deals is a historical mark and lays a solid foundation for stronger cooperation in trade, investment and other aspects between Vietnam and the EU.
The EU would continue to cooperate with Vietnam to ensure efficient implementation of EVFTA and facilitate the approval of EVIPA, stated Aliberti.
A pre-Covid-19 study from Vietnam’s Ministry of Planning and Investment suggested the EVFTA and the EU – Vietnam Investment Protection Agreement (EVIPA) would help Vietnam’s GDP grow an additional 4.6% and boost the country’s exports to the EU by 42.7% by 2025.
Meanwhile, the European Commission estimated the bloc’s GDP would be added US$29.5 billion by 2035, along with additional growth of 29% in exports to Vietnam.
In 2019, bilateral trade turnover between Vietnam and the EU stood at US$56.45 billion, of which Vietnam exported goods worth US$41.54 billion and imported goods worth US$14.9 billion.
