Summary of Vietnam-EU Free Trade Agreement (EVFTA)

15/01/2016    9267

The EU-Vietnam Free Trade Agreement (EVFTA) is a new generation FTA between Vietnam and the 27 European Union member states. EVFTA, along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), are two FTAs ​​with the widest scope of commitments and the highest level of commitment of Vietnam so far. On December 1, 2015, EVFTA officially ended negotiations. On February 1, 2016, the text of the agreement was published. On June 26, 2018, a new step of the EVFTA was agreed. Accordingly, the EVFTA is divided into two agreements, one is the Trade Agreement (EVFTA), and the other is the Investment Protection Agreement (EVIPA); at the same time officially ended the legal review process for the EVFTA Agreement. In August 2018, the legal review process for EVIPA was also completed.

The two Agreements were signed on June 30, 2019. EVFTA and EVIPA were ratified by the European Parliament on February 12, 2020, and ratified by the National Assembly of Vietnam on June 8, 2020. On March 30, 2020, the European Council also approved the EVFTA. As for the EVFTA, due to the completion of the ratification procedure, this Agreement has officially taken effect from August 1, 2020. As for EVIPA, on the EU side, the Agreement will still have to be ratified by the Parliaments of all 27 EU member states to take effect.

In order to provide Vietnamese businesses the overview of content and impacts of EVFTA, WTO Center and Integration - VCCI published the Summary of EU-Vietnam Free Trade Agreement (EVFTA) 

The Summary (English and Vietnamese) is attached below