Lawmakers to examine EVFTA ratification on May 20

Vietnamese lawmakers are scheduled to consider the ratification of the European Union – Vietnam free trade agreement (EVFTA) on May 20, the first day of the upcoming session of the current National Assembly.
lawmakers to examine evfta ratification on may 20 hinh 0
The EU-Vietnam free trade agreement is awaiting the ratification of the Vietnam National Assembly slated for May 2020

The information was confirmed by the Ministry of Industry and Trade that has done a lot of necessary paperwork for the deal to get through.

The ministry has worked closely with relevant bodies, including the Government’s Office and the President’s Office, to complete the President's report to the National Assembly. It has closely followed the EU ratification of the deal, as well as the British departure from the EU, to promptly update changes relating to Vietnam’s EVFTA ratification.

At its April 21 verification session, the National Assembly Committee for Foreign Affairs questioned Trade Minister Tran Tuan Anh over the deal-related issues. The ratification of the deal was also given the green light at last week’s session of the National Assembly Standing Committee in the lead up to the plenary session of the legislature scheduled to open on May 20.

The EVFTA was ratified by the European Parliament in February 2020 before it was endorsed by the European Council one month later, completing the final legal procedure within the bloc.

The deal provides for the almost complete (99%) elimination of customs duties between the two sides. About 65% of duties on EU exports to Vietnam will disappear as soon as the deal enters into force, while the remainder will be phased out gradually over a period of up to 10 years.

As regards Vietnamese exports to the EU, 71% of duties will disappear upon entry into force, the remainder being abolished over a period of up to 7 years.

The FTA will also reduce many of the existing non-tariff barriers to trade with Vietnam and open up Vietnamese services and public procurement markets to EU companies.

Minister Tran Tuan Anh says the ratification of the EVFTA will open up numerous opportunities for Vietnamese products to access the EU market, especially when Vietnamese exports have taken the brunt of the novel coronavirus pandemic (COVID-19).

According to the minister, Europe is a huge lucrative market, and the ratification of the EVFTA will make it easier for key Vietnamese products such as textiles, footwear, electronics, seafood, and woodworks to enter the EU market.

Meanwhile, the Ministry of Planning and Investment has forecast once the deal takes effect, slated for July 2020, Vietnam’s export value would increase by approximately 20% this year, 42.7% by 2025 and 44% by 2030. At the same time, imports from the EU are projected to rise by 15% this year, 33% by 2025 and 36.7% by 2030. 

VNA

Other News

National Assembly Chairman urges renovation in leadership, working style

National Assembly Chairman urges renovation in leadership, working style

The NA's Committee for Cultural and Social Affairs has moved fast to reshuffle its organisation after the 14th National Party Congress and the election of deputies to the 16th NA, updating its work agenda to match new directives set out in the resolutions of the 14th National Party Congress and the first Congress of the NA Party Organisation for the 2025–2030 term.

Vietnam treasures ties with Croatia: PM

Vietnam treasures ties with Croatia: PM

Vietnam and Croatia should strive to double bilateral trade turnover from the current level of 161 million USD; study the establishment of a Joint Committee on Economic Cooperation to create a long-term, stable, and effective framework for collaboration, said Prime Minister Le Minh Hung.

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

Vice President of the United Socialist Party of Venezuela (PSUV) Jesús Faria expressed deep admiration for President Ho Chi Minh and Vietnam’s indomitable struggle for national independence. He described President Ho Chi Minh as an immortal symbol of 20th-century national liberation movements, whose legacy continues to inspire leftist parties, progressive movements, and peoples across Latin America, including Venezuela.

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Deputy Foreign Minister Nguyen Minh Hang shared Vietnam’s approach to building an independent and self-reliant economy linked to deep international integration, while proposing several key areas for enhanced cooperation between BRICS and partner countries at the Expanded BRICS Foreign Ministers' Meeting that opened on May 14 in India.

Vietnam asks parties to respect its sovereignty over Truong Sa

Vietnam asks parties to respect its sovereignty over Truong Sa

PSNews - The spokesperson stated that the dispatch of personnel by relevant parties to features belonging to Truong Sa without Vietnam’s permission constitutes a violation of Vietnam’s sovereignty under international law. She stressed that such actions run counter to the Declaration on the Conduct of Parties in the East Sea (DOC) as well as ongoing efforts by countries to negotiate a Code of Conduct in the East Sea (COC).

Hanoi to host ASEAN Future Forum 2026 in mid-June

Hanoi to host ASEAN Future Forum 2026 in mid-June

PSNews - Vietnam’s proposals placed the highest priority on ensuring a peaceful and stable environment conducive for continued sustainable development and improving the well-being and happiness of the ASEAN people. They were praised by member states and incorporated into the core contents of the ASEAN Leaders’ Statement on the response to the Middle East crisis.

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam highly values the support of the United Nations Office on Drugs and Crime (UNODC) in strengthening national capacity in crime prevention and criminal justice, drug control, and addressing emerging challenges, particularly cybercrime, said Ambassador Vu Le Thai Hoang.

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Consolidating the central steering committees for institutional and legal reform and for judicial reform is necessary in order to streamline organisational structures without reducing responsibilities, while ensuring clear accountability, measurable outputs and concrete results. Following the restructuring, the body will be renamed the central steering committee for institutional improvement and law enforcement, with the Party General Secretary and State President serving as its head.

Vietnam strives for substantive outcome at NPT review conference

Vietnam strives for substantive outcome at NPT review conference

At the meeting this week, Ambassador Viet briefed the UNGA President on developments during the first two weeks of the conference. He stressed that the current international geopolitical landscape poses numerous complex challenges, while reaffirming Vietnam’s determination, together with other member states, to promote substantive and balanced outcomes at the conference.

Top leader of Vietnam receives Vientiane official in Hanoi

Top leader of Vietnam receives Vientiane official in Hanoi

The host leader stressed that cooperation between localities, particularly between the capitals of Hanoi and Vientiane, plays an especially important role as a pioneering force in effectively implementing the foreign polices of the two Parties and States, while also serving as a bridge between politics and development, as well as between strategy and concrete action.