VN notifies EU of parliamentary ratification of EVFTA, EVIPA
14:46 | 19/06/2020

VGP – Viet Nam’s government representatives on June 18 handed over a diplomatic note notifying the National Assembly's ratification of the EU – Viet Nam Free Trade Agreement (EVFTA) and the EU – Viet Nam Investment Protection Agreement (EVIPA) to the EU Delegation in Ha Noi.

Permanent Vice Minister of Foreign Affairs Bui Thanh Son hands over diplomatic note to Ambassador of the EU to Viet Nam Giorgio Aliberti  in Ha Noi on June 19, 2020

At the event, Permanent Vice Minister of Foreign Affairs Bui Thanh Son said the ratification of the two deals by the European Parliament in February and the Vietnamese National Assembly strongly affirmed both sides’ wish and determination to continue intensifying the Viet Nam-EU comprehensive cooperation and partnership.

He asked relevant ministries and sectors of Viet Nam and EU agencies to continue working closely together to help the EVFTA take effect soon, thus generating practical benefits for both sides’ people and businesses.

Ambassador of the EU to Viet Nam Giorgio Aliberti congratulated Viet Nam’s NA and the government on the completion of legal procedures related to the EVFTA and EVIPA.

According to Aliberti, the ratification of both deals is a historical mark and lays a solid foundation for stronger cooperation in trade, investment and other aspects between Viet Nam and the EU. 

The EU will continue coordinating closely with Viet Nam to effectively implement the EVFTA and urge its members to ratify the EVIPA, he added.

  The ratification of both deals is a historical mark and lays a solid foundation for stronger cooperation between Viet Nam and EU

A pre-Covid-19 study from Viet Nam’s Ministry of Planning and Investment suggested the EVFTA and the EU – Viet Nam Investment Protection Agreement (EVIPA) would help Viet Nam’s GDP grow an additional 4.6% and boost the country’s exports to the EU by 42.7% by 2025.

Meanwhile, the European Commission estimated this region’s GDP will increase by US$29.5 billion and exports to Viet Nam will rise 29% by 2035.

The EVFTA is expected to take effect on August 1, 2020, while the EVIPA is awaiting approval from the arliamentsof all EU member states before coming into force. /.

By  Vien Nhu

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