With 63.33% of the votes, the European Parliament has officially ratified the Free Trade Agreement between Vietnam and the European Union (EVFTA). According to the information gathered from the press conference which took place immediatelyafter the European Parliament officially voted to ratify the Agreement, Minister of the Ministry of Industry and Trade Mr. Tran Tuan Anh gladly affirmed that this is a significant result which has a very important meaning for Vietnam and the European Union. The result is an effort of the two sides' endless cooperation and sharing process during the past 8 years, from the beginning of negotiations, signing, completion of legal procedures and approval.
Minister Tran Tuan Anh said that the voting results showed the support as well as positive views ofthe majority of Members of Parliament (MPs) in the European Parliament to Vietnam's economy.
On behalf of theMinistry of Industry and Trade and the Government Negotiation Delegation, Minister Tran Tuan Anh expressed his gratitude to the Government's directionand administration during the 8 years of negotiation, the companionship of the ministries, branches, local, the support of businesses and people... As theresult, the EVFTA Agreement was officially ratified by the European Parliament with a high number of supporting votes and approval.
Minister Tran Tuan Anhalso affirmed that the Government of Vietnam will soon complete legal procedures and submit to the National Assembly for approval soon.
At the pressconference, Minister Tran Tuan Anh answered many questions from press and media agencies regarding the impact of the Agreement on the current Vietnamese economy, opportunities as well as challenges; impact of the Agreement on each specific sector of Industry and Trade; what Vietnam needs to do to ensure the implementation of the Agreement; difficulties that the negotiation team had overcome to obtain ratification results.
The adoption of the European Parliament for the EVFTA Agreement marks an important milestone in the 30-year development of comprehensive partnership and cooperation between Vietnam and the European Union (EU). In the context of complicated international developments, the negotiation, signing and ratification of the EVFTA Agreement show the strong determination of both sides in promoting bilateral relations, contributing to bringing relations between Vietnam and EUto a more extensive and substantially development.
With EVFTA, Vietnam is the first developing country in Asia-Pacific region to have free trade relations with the EU. This confirms Vietnam's important political role and position in the region, affirming that Vietnam, from the slower nation in the process of international economic integration, to become the first-time-leading nation. Currently, the EU is one of Vietnam's largest export markets, with exports to this market in 2019 have reached 41.48 billion USD and imports have reached 14.91 billion USD. Therefore, the Agreement will enable us to facilitate exports, diversify markets, and gain higher added value through the establishment of new supply chains. In particular, in the context of rapidly changing regional and international political and security situations, the EVFTA Agreement not only helps Vietnam in improving its internal resources to cope with various situations, but also strengthen the nation’s position to implement the foreign policy of independence, autonomy, multi-lateralizationand diversification along with consolidating and enhancing national defense and security.
Under EU regulations, the EVFTA Agreement will need to be approved by the European Council in order to take effect. The Agreement shall enter into force on the first day of the second month after the two sides have notified each other of the completion of domestic procedures or at another time agreed by the two parties.
On the Vietnamese side, the Government is also speeding up the implementation of domestic processes and procedures so that these two Agreements will soon be approved by the National Assembly. In parallel with the completion of the ratification procedures, preparations for the implementation of the Agreement have also been carried out. Specifically, the Ministry of Industry and Trade has prepared and submitted to the Government a draft Action Plan to prepare for the implementation of EVFTA Agreement. This action plan clearly identifies the objectives, key tasks and relevant ministries and branches in implementing the specific roadmap. In particular, the main tasks are categorized into 5 main groups: Information propaganda and dissemination on EVFTA Agreement and EU countries’ markets; law and institutional building; improve competitiveness and develop human resources; undertakings and policies for trade union organizations and laborer's organizations at enterprise establishments; and social security policies, environmental protection and sustainable development.
In addition, to help people and the business community to better understand the EVFTA Agreement tomake the most of the opportunities that the Agreement offers, the Ministry of Industryand Trade has published the entire Agreement document as well as a summary andexplanation of the content of commitments in important areas of the Agreementon the website http://evfta.moit.gov.vn. In addition, thewebsite also provides updates on the ratification of the Agreement, informationfor exporters to the EU market, action plans of the Government and ministries, sectors, as well as documents. Legal regulations are being developed and areexpected to be issued in the near future to implement the Agreement.