The European Commission published a notice on 30 June 2020 announcing that the Free Trade Agreement (FTA) between the European Union (EU) and the Socialist Republic of Vietnam will enter into force on 1 August 2020.
This agreement will provide opportunities to increase trade through:
- Eliminating 99% of customs duties between the 2 blocks. 65% of duties on EU exports to Vietnam will disappear as soon as the FTA enters into force, while the remainder will be phased out gradually over a period of up 10 years. In regards to Vietnamese exports to the EU, 71% of duties will disappear upon entry into force with the remainder being phased out over a period of 7 years.
- Reducing regulatory barriers.
Link to the European Union notice:
Link to the Texts of the Agreement:
