The EU–Vietnam Free Trade Agreement (EVFTA) is a free trade agreement between the European Union (EU) and the Socialist Republic of Vietnam. The EU-Vietnam Investment Protection Agreement (EVIPA) was also agreed which is a bilateral investment treaty.[1]
The agreement deepens the Vietnam–European Union relations and was adopted by Council Decision (EU) 2020/753 of March 30, 2020 on the conclusion of the free trade agreement between the EU and Vietnam.[2] The agreement was passed in Vietnam on June 8, 2020, in the Vietnamese National Assemblyand entered into force on August 1 of that year.[3] Both agreements were approved by Vietnam’s lawmakers with a large majority of around 95% of the vote.[4]
According to the European Commission, the agreements will provide opportunities to increase trade and support jobs and growth on both sides, through
- Eliminating 99% of all tariffs
- Reducing regulatory barriers and overlapping red tape
- Ensuring protection of geographical indications
- Opening up services and public procurement markets
- Making sure the agreed rules are enforceable[5]
(From Kiwipedia)