After a long journey, the EU-Vietnam Free Trade Agreement (EVFTA) and EU–Vietnam Investment Protection Agreement (IPA) was signed in Hanoi on Sunday, 30 June 2019. It’s the second largest trading partner in the ASEAN region.
The EVFTA promises to bring Europe and Vietnam closer together. Once it’s effective, trade and investment will grow, bringing positive benefits for both sides. In detail, 65% of the import duties levied on EU goods imported into Vietnam will be eliminated while the remainder will be reduced gradually and finally abolished over a period of up to 10 years. Likewise, 71% of the import duties levied on Vietnam’s exports to the EU will be terminated immediately.