Eu

Smooth execution of the deal will be a boost for Vietnam's economy amid a global slowdown and the ongoing Covid-19 epidemic.

This is despite the fact that Vietnam’s textile and garment industry is expected to benefit the most from the deal.

A majority of support from members of the EP in a voting for EVFTA and EVIPA ratification showed the EU’s confidence in the country’s reform process, said the head EU envoy to Vietnam.

The EVFTA holds significant meaning as it opens up huge opportunities for Vietnamese enterprises to penetrate the EU markets.

The EU – Vietnam Free Trade Agreement (EVFTA) has an endorsement of 401 out of 633 members of the European Parliament.

The president of the European Parliament (EP) and other EP members have expressed support for the ratification of the EU – Vietnam Free Trade Agreement (EVFTA).

The agreement, concluded after six years of negotiations, has been dubbed “the most ambitious” FTA the EU has ever reached with a developing country.

With the consent of the trade committee, the European Parliament is set to vote on the trade deal and the investment protection agreement at its February session in Strasbourg.

In 2019, the country’s trade turnover is estimated at US$516.96 billion, and the trade surplus would reach an all-time high of US$9.9 billion.

Despite trade protection measures from the authority, Vietnam’s steel imports continue to surge.