Vietnam National Assembly to examine EVFTA ratification on May 20
 |
| Illustrative photo. |
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 to prepare the relevant content for ratification documents to be submitted to the legislature. It has also 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, VOV reported.
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 with 401 votes in favour, 192 against, and 40 abstentions before it was endorsed by the European Council one month later, completing the final legal procedure within the bloc.
The deal now only awaits the Vietnam NA’s ratification to take effect in both the EU and Vietnam.
| 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. |
 | National Assembly to ratify EVFTA at upcoming session The National Assembly’s Standing Committee has said it will consider the European-Vietnam free trade agreement (EVFTA) at its 44th session slated for mid-April and submit ... |
 | Proactive approach needed to take advantage of EVFTA The Free Trade Agreement between the European Union and Vietnam (EVFTA) is stepping into the final stage before coming into force, opening up a new ... |
 | European Council gives final green light to EVFTA with Vietnam The European Council on March 30 adopted a decision on the conclusion of a free trade agreement (FTA) between the EU and Vietnam. This decision ... |
Related Stories
Viet's Home
Vietnam Circular Economy Forum Promotes Green Future
Friendship
Vietnam - EU Cooperation Forum: Adaptation efforts for a sustainable future
Economy
Vietnam - EU Free Trade Agreement: Challenges and the Way Forward
Economy
Vietnam - EU Free Trade Agreement: Reviewing Key Achievements
Recommended
National
Vietnam News Today (May 6): Party Leader To Lam Meets Vietnamese Expatriates in Kazakhstan
National
Boarding Kindergarten Children Supported with VND360.000/Month
National
Vietnam News Today (May 5): Party Chief To Lam’s Trip to Russia Carries Special Strategic Significance
National
Vietnam News Today (May 4): Vietnam, Sri Lanka Deepen Traditional Friendship, Comprehensive Cooperation
Popular article
National
Vietnam News Today (May 3): Vietnam And Kazakhstan to Elevate Relations to Comprehensive Partnership
National
Vietnam News Today (May 2): Overseas Vietnamese Help Vietnamese Products Go Global
National
Vietnam News Today (May 1): Vietnam to Become Second-Largest Economy in Southeast Asia by 2036
National