The European Commission (EC) and the Government of Viet Nam signed a Free Trade Agreement and the Investment Protection Agreement on 30 June in Hanoi. These agreements promote further economic development and reinforce trade and investment ties between Viet Nam and the European Union.
The agreements are based on the joint commitment of the two sides for an open, fair, and rules-based trade liberalisation and economic integration. The agreements also strengthen EU’s engagement with the Southeast Asian region, which contributes to the enhancement of cooperation between ASEAN and the EU, aiming for a closer trade and investment relations between the two regions.
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After the signatures, the agreements will be presented on the Vietnamese side to the National Assembly for ratification and on the EU side to the European Parliament for its consent, as well as to the respective national parliaments of the EU Member States in the case of the Investment Protection Agreement.
We hope for a swift ratification of the agreements by these legislative bodies in the coming months, in order to allow our businesses, workers, farmers and consumers to reap their benefits as soon as possible
the EU said.
Now, EU will support Viet Nam through technical assistance in order to define and follow up on an implementation plan to allow the necessary reforms and adjustments, including in areas like sanitary and phytosanitary measures and non-tariff barriers.
Except their economic benefits, the agreements also aspire to promote sustainable development in both Viet Nam and the EU. Therefore, both sides agreed on the importance to ensure the implementation of the obligations under the Trade and Sustainable Development chapter of the trade agreement.
