The tax incentive mechanism of the EU-Việt Nam Free Trade Agreement (EVFTA) will bring great benefits to Vietnamese industries and products, according to Minister of Industry and Trade Trần Tuấn Anh.— Photo tuoitre.vn

Commissioner Malmström and Vietnamese Minister for Trade and Industry Trần Tuấn Anh agreed on a final text for the EU-Vietnam trade agreement, formally concluding the legal review of the document. In a meeting held in Brussels on 25 June, they also concluded discussions on an Investment Protection Agreement (IPA).

Vietnam will have to continue waiting until January 2019 to see EU considering lifting up the yellow card imposed on the country's fisheries in October 2017 due to illegal fishing. Photo by Reuters

Vietnam and the European Union (EU) have finished the legal review process for their free trade agreement (FTA) and reached agreement on the entire of the bilateral investment protection deal, announced Vietnamese Minister of Industry and Trade Tran Tuan Anh and EU Commissioner for Trade Cecilia Malmstrom.

The Vietnam – EU Free Trade Agreement (EVFTA), a new-generation free trade agreement between Vietnam and the EU's 28 member states, is a comprehensive and high-quality trade pact that is expected to bring a range of benefits to both Vietnam and the EU.

Once it takes effect, the EU-Vietnam Free Trade Agreement will enable European firms to boost their exports of wine, spirits, and beer, as well as other types of beverages, into Vietnam, which is thirsty for drinks.

The European Union (EU) market was the largest export market of Vietnamese shrimp in the first quarter of this year, according to Việt Nam Association of Seafood Exporters and Producers (VASEP).

The European Union (EU) desires to move forward the early official signing of the EU-Vietnam Free Trade Agreement (EVFTA) and pledges to help Vietnam improve its capacity to fully and effectively realize the trade pact’s commitments.

As holding the presidency of the Council of the European Union (EU), Bulgaria advocates the early signing and approval of the EU – Vietnam Free Trade Agreement (EVFTA), a Bulgarian official has said.

Once the EU-Vietnam FTA (EVFTA) is signed and the tariff is cut to zero percent, textile and garment exports to the market may obtain 7-8 percent growth rate per annum, experts say.