EU Vietnam: the dawn of a new agreement

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EU-Vietnam Free Trade Agreement

The European Parliament on February 12 ratified the EVFTA and the EVIPA agreements between Vietnam and the EU. The FTA will now need to be ratified by the Vietnam National Assembly which is expected in May 2020. (full text of the agreement)

The EVFTA is the first comprehensive and ambitious trade and investment agreements that the EU has ever concluded with a developing country in Asia. It is the second agreement in the ASEAN region after Singapore and it will intensify the bilateral relations between Vietnam and the EU.

The EU-Vietnam trade agreement will eliminate over 99% of all tariffs, and partly remove the rest through limited zero-duty quotas, known as Tariff Rate Quotas (TRQs). Vietnam will liberalise 65% of import duties on EU exports to Vietnam at entry into force, with the remainder of duties being gradually eliminated over a 10-year period. EU duties will be eliminated over a 7-year period.

The trade agreement also contains specific provisions to address non-tariff barriers in the automotive sector, and will provide protection for 169 traditional European food and drink products, known as Geographical indications (GIs), like Parmigiano Reggiano cheese or champagne wine. Vietnamese GIs too will be recognised as such in the EU, providing the adequate framework for further promoting imports of quality products.

Through the trade agreement, EU companies will also be able to participate on an equal footing with domestic Vietnamese companies in bids for procurement tenders by authorities and state-owned enterprises in Vietnam.

 

International shipping to/from Vietnam

As freight forwarders regularly shipping to Vietnam from Italy (and viceversa) we are able to provide you the best logistic support for every kind of goods’ category. Our freight forwarding services are focused on:

  • Sea freight international shipping to/from Vietnam (full container and groupage)
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  • Cross trade international shipping
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  • Logistics services
  • Import/Export customs clearance
  • Insurance
  • Trusted freight forwarding partners in Vietnam

 

 

 

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