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European Parliment approved for the Viet Nam-European Union Free Trade Agreement: Opportunities for Vietnamese exports.

Thu Huyền   13/02/2020 12:00 AM

​The European Union - Viet Nam Free Trade Agreement (EVFTA) were negotiated in the period of 2012-2015 and officially signed on June 30, 2019 in Hanoi, Viet Nam. In February 12, 2020, the European Parliament approved the EVFTA Agreement and EU-Viet Nam Investment Protection Agreement (EVIPA). The FTA will come into force after the European Council and the Viet Nam’s National Assembly approve for the Agreement and notify each other that all legal procedures have been completed.
As the result, EVFTA and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Agreement are the “new generation” FTAs which Viet Nam takes part in. The EVFTA has been evaluated as an ambitiuous FTA with comprehensive committments in many areas in which market access is expected to promote strong growth of exports from both sides by eliminating over 99% of tariff lines and reducing non-tariff barriers.
The EU will eliminate customs duties on 85.6% of tariff lines when the Agreement comes into effect, equivalent to 70.3% of Viet Nam's exports to the EU. After 7 years from the date of entry into force of the Agreement, the EU will eliminate import duties on 99.2% of  tariff lines, equivalent to 99.7% of Viet Nam's exports. For the remaining 0.3% of exports, the EU commits to giving Viet Nam import duties of 0% within a certain quota. Tariffs of Viet Nam’s key exports will be eliminated by the EU when the Agreement comes into effect or has a roadmap of no more than 7 years, for example honey, textile, footwear and seafood (except canned tuna and fish balls)...; Tariffs of some sensitive agricultural products will not be eliminated, but the EU will give preferential tariffs of 0% for a certain quota as soon as the Agreement comes into effect, such as sweet corn, garlic, mushrooms, sugar and sugar containing products and tapioca starch...
Viet Nam will eliminate customs duties of 48.5% of tariff lines which equivalent to 64.5% of imports from the EU as soon as the Agreement comes into effect and of about 99% of tariff lines which equivalent to 99.8% of imports from the EU after 10 years . For the remaining tariff lines, Viet Nam will have a roadmap of over 10 years or give preferential treatment to the EU under the WTO's tariff quota. Viet Nam committed to abolish export duties on goods exported to the EU with a roadmap of up to 15 years, except for those items that are maintained export duties focusing on some important commodities such as crude oil, coal etc. The commitment on export duites in EVFTA is basically similar to those in the CPTPP Agreement.
In order to facilitate trade,  the EVFTA Agreement includes commitments to simplify customs procedures and facilitate trade in import and export goods such as: increasing information exchange related to Customs requirements, modernizing and simplifying customs procedures, ensuring the transparency of all customs requirements, including the mechanism of consultation between the government and the business community, enhancing capacity of customs authorities in controlling goods infringing the intellectual property rights...
Therefore, the  EVFTA is expected to create opportunities for Vietnamese businesses, especially for exporters of key products such as seafood, textiles, footwear, agricultural tropical products.... However, Viet Nam's agricultural and aquatic products have advantages when the EU reduces import duties but still have to meet EU requirements on food safety.

CurrencyEffective dateExchange rate
USD17/02/202023,165.00 đ
EUR17/02/202024,995.42 đ
JPY17/02/2020206.32 đ
GBP17/02/202029,939.86 đ
CHF17/02/202023,512.32 đ
AUD17/02/202015,462.62 đ
CAD17/02/202017,362.62 đ
SEK17/02/20202,364.74 đ
NOK17/02/20202,462.72 đ
DKK17/02/20203,320.09 đ
RUB17/02/2020366.67 đ
NZD20/02/202014,877.53 đ
HKD17/02/20202,969.01 đ
SGD17/02/202016,642.50 đ
MYR17/02/20205,557.04 đ
THB17/02/2020730.24 đ
IDR20/02/20201.70 đ
KRW17/02/202018.93 đ
INR17/02/2020325.13 đ
TWD20/02/2020771.00 đ
CNY17/02/20203,295.93 đ
KHR20/02/20205.70 đ
LAK20/02/20202.61 đ
MOP20/02/20202,902.05 đ
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