Accordingly, the voting results were 401 votes equivalent to 63.3%. Minister of Industry and Trade Tran Tuan Anh said that this is a good result of Vietnam and the EU and is also an important milestone between the two countries.
According to the Minister of Industry and Trade, Tran Tuan Anh, the Vietnam – EU Free Trade Agreement was officially approved by the European Parliament.
Minister of Industry and Trade, Tran Tuan Anh. Photo: Duc Quynh
Accordingly, the voting results were 401 votes equivalent to 63.3%. The Minister stated that this is a good result of Vietnam and the EU and is also an important milestone between the two countries
In particular, this is a highlight in the framework of cooperation between the two countries towards globalization based on the multilateral trading system.
“This is even more significant in the context of increasing trade protectionism in some countries,” said Minister Tran Tuan Anh.
According to the head of the Ministry of Industry and Trade, the signing of a free trade agreement between the two countries demonstrates the EU's trust in Vietnam as a comprehensive partner not only in the region but also in the world. .
The two sides Vietnam and the European Union have made constant efforts since the beginning of the negotiations. In the process of completing negotiations, implementing procedures for signing the two parties to share great efforts based on trust. Especially, Vietnam shares information cooperation with Europe.
Minister Tran Tuan Anh said that in the coming time, he will complete the dossier to submit to the Vietnam National Assembly for approval so that the agreement will come into effect soon.
According to EU regulations, EVFTA will need to be approved by the European Council to take effect.
The Agreement shall enter into force on the first day of the second month after the two sides have notified each other of the completion of domestic procedures or at another time agreed by the two parties.
According to the Ministry of Industry and Trade, the EU is one of Vietnam's largest export markets, with exports to this market in 2019 reaching US $ 41.48 billion and imports reaching US $ 14.91 billion.
Therefore, the agreement will help Vietnam facilitate export, diversify markets and gain higher added value through the establishment of new supply chains.
EVFTA is an opportunity for Vietnam to increase its market share in the European market and is a condition for Vietnam to improve its competitiveness. Accordingly, 85% of Vietnam's tariff lines will be reduced to 0% right after the effective date and 7 years later, the rate of eliminated tariff lines will increase to 99%.
However, Minister Tran Tuan Anh also commented that overcoming technical barriers is not simple, especially for agricultural products.
Therefore, Vietnam needs to promote the quality of agriculture, ensuring traceability at the request of Europe.
For a number of industries such as textiles, footwear, furniture, EVFTA has not many provisions related to origin issues.
“If not well organized in manufacturing industry into a supply chain, the effectiveness of the agreement will be reduced,” said Minister Tran Tuan Anh.
The Ministry of Industry and Trade has stepped up the development of supporting industries and issued many policies and circulars to support the supporting industry.
The Ministry of Industry and Trade has cooperated with the Ministry of Planning and Investment to have policies to attract investment from both domestic and foreign countries to support industries.
The Minister said that there would be the most powerful wave of foreign investment in the coming time, coming from European Union countries.
