|Vietnam's Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia Malmström at a legal review meeting for the EVFTA in Belgium, June 25, 2018.
The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) are the most ambitious agreements with the highest standards to be signed between the EU and a developing country. The free trade agreement will eliminate more than 99 percent of customs duties on exports in both directions when they come into effect or shortly thereafter. It also sets the highest standards on safety and labor, environmental, and consumer protection. The investment protection deal will help increase EU investment in Vietnam.
The free trade agreement is expected to be passed by the European Parliament and the parliaments of 28 EU members by the end of this year or early next year while the approval of the investment protection agreement will take at least two years.