The EU-Vietnam trade agreement, the most modern and ambitious agreement ever concluded between the EU and a developing country, just got European Parliament’s backing.
The Committee on International Trade backed the free trade and investment protection agreements between the EU and Vietnam on Tuesday.
A possible deceleration in 2020 growth of Vietnam's main export markets would weigh on its growth.
If Vietnamese businesses know how to seize the opportunity from EVIPA and EVFTA they will succeed in investment cooperation with EU investors.
Being the very second agreement signed between the European Union and a member of ASEAN, EVFTA is a testament to Vietnam’s growing leadership, not just in the region but also on the global scale.
Nicolas Audier, co-chairman of the European Chamber of Commerce in Vietnam (EuroCham), said that the trade pact will benefit not only companies and consumers, but also the welfare, wages and living standards of millions of people in Vietnam.
The strong commitment to an open, fair and rules-based trade of the EVFTA will further widen export markets for Vietnam, especially in textile and garment, agriculture and fishery, and wood furniture, says HSBC Vietnam CEO Pham Hong Hai.
The Council of Ministers, the policymaking body of the European Economic Community, has approved the EU-Vietnam trade and investment agreements (EVFTA) today in Brussels, paving the way for their signature and conclusion this Sunday in Hanoi.
Should the EU-Vietnam FTA be ratified at the end of 2019, Vietnam could expect to gain some 0.3 percentage point to its real GDP, say economists at HSBC.
Foreign workers, especially who are intra-company transferees, are coping with difficulties of obtaining work permits and enjoying social insurance exemptions.
