Eaeu ratified free trade agreement with vietnam

Free Trade Agreement between the European Union and Vietnam

WHAT IS THE AIM OF THE FREE TRADE AGREEMENT?

• The free trade agreement (FTA) between the EU and the Socialist Republic of Vietnam aims to liberalise and encourage trade and investment between the two partners.
• The decision marks the signing of the FTA by the Council on behalf of the EU.

The EU-Vietnam FTA establishes the conditions for EU economic operators to take full advantage of the opportunities created in Vietnam by securing:

• the comprehensive liberalisation of services and investment markets , including issuing of licences to carry out activities in these markets, the mutual recognition of qualifications and sector-specific rules designed to ensure a level playing field for EU businesses;
• new tendering opportunities for EU bidders in Vietnam, which is not a member of the WTO Agreement on Government Procurement;
• the removal of technical and regulatory barriers to trade in goods, such as duplicative testing, in particular by promoting the technical and regulatory standards familiar in the EU in the sectors of
  • motor vehicles
  • pharmaceuticals and medical devices and
  • green technologies;

  DATE OF ENTRY INTO FORCE

  The agreement has entered into force on 1 August 2020.

  • At the same time, the EU and Vietnam have negotiated an investment protection agreement.
  • In 2012, the EU and Vietnam signed the EU-Vietnam Framework Agreement on Comprehensive Partnership and Cooperation.

  Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam (OJ L 186, 12.6.2020, p. 3-1400)

  Council Decision (EU) 2019/1121 of 25 June 2019 on the signing, on behalf of the European Union, of the Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam (OJ L 177, 2.7.2019, pp. 1-2)

  Council Decision (EU) 2019/1096 of 25 June 2019 on the signing, on behalf of the Union, of the Investment Protection Agreement between the European Union and its Member States, of the one part, and the Socialist Republic of Viet Nam, of the other part (OJ L 175, 28.6.2019, pp. 1-2)

  Framework Agreement on Comprehensive Partnership and Cooperation between the European Union and its Member States, of the one part, and the Socialist Republic of Viet Nam, of the other part (OJ L 329, 3.12.2016, pp. 8-42)

  Successive amendments to the Framework Agreement have been incorporated into the original document. This consolidated version is of documentary value only.

  Notice concerning the date of entry into force of the Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam (OJ L 207, 30.6.2020, p. 3)