European Union–Vietnam Free Trade Agreement (EVFAT)

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)