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The free trade agreement (EVFTA) between EU & Vietnam was officially signed!

The European Parliament has today given its consent to ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and EU-Vietnam Investment Protection Agreement (EVIPA). In a historic vote in Strasbourg, Members of the European Parliament (MEPs) voted in favour of these agreements.

Nicolas Audier, Chairman of EuroCham & CCIFV board member confirms:

This is an historic moment for EU-Vietnam relations, and one which will open the door to a new chapter of increased trade and investment between our two sides. It will enable European business to be at the forefront of the next phase of Vietnam’s socio-economic development, and ensure that Vietnamese companies and consumers have privileged access to European markets, products, and services. Likewise, EU companies will have greater access to Vietnam’s fast-growing market.

“This vote is the culmination of almost a decade of work. Negotiations began as long ago as 2012, and EuroCham supported the EVFTA through 12 rounds of dialogue. Since the agreement was concluded in 2015, we have lobbied hard to persuade MEPs of the benefits of the EVFTA not just to trade – essential though this is – but also to the livelihoods, life chances, and living standards of people in Vietnam.

“However, today’s vote is not the end of the process. In fact, it is just the beginning. Now, we must ensure a smooth implementation of the EVFTA so that companies and consumers on both sides can unlock the full potential of this agreement. EuroCham will be an active participant in this process, and we will work with the Government of Vietnam, Vietnam Chamber of Commerce and Industry (VCCI) and our partners to make sure that the benefits agreed to in principle are realised in practice.”

Sources:  European Chamber of Commerce in Vietnam