European Commission issues press release on EVFTA

The European Union (EU) – Vietnam Free Trade Agreement (EVFTA) - the most comprehensive trade agreement the EU has signed with a developing country, will take effect from August 1, a press release of the European Commission (EC) stressed
european commission issues press release on evfta

EC President Ursula von der Leyen (Photo: Xinhua/VNA)

In the document issued on July 31, EC President Ursula von der Leyen said the European economy now needs every opportunity to recover its strength after the crisis caused by the COVID-19 pandemic.

Trade agreements such as the EVFTA will provide European companies opportunities to access emerging markets, and create jobs for Europeans, she added.

She expressed her strong belief that the trade pact will also create a chance for Vietnamese to enjoy a more prosperous economy and gain more benefits.

EU Trade Commissioner Phil Hogan stated that Vietnam is currently in the group of 77 countries having trade relations with the EU under bilateral preferential terms.

EVFTA helps further promote economic linkage between the EU and dynamic regions in Southeast Asia and contributes to economic recovery after the COVID-19 crisis, he said.

The agreement also shows that trade policies can bring about many social benefits, he said, adding that Vietnam has made great efforts to improve its labourers' rights through trade negotiations.

EVFTA is expected to eliminate 99 percent of tariffs on goods traded between the EU and Vietnam, and make it easier for European companies to invest in the Southeast Asian nation.

Source: VNA
english.vov.vn

Related News

Revising policies to adapt to two-way impact of FTAs

Revising policies to adapt to two-way impact of FTAs

VCN - One of the most obvious positive impacts of Free Trade Agreements (FTAs) is to promote export growth, thereby contributing to increasing state budget revenue. However, the implementation of FTAs ​​also has a negative impact on state budget revenue under commitments on tariff reduction and elimination.
Local steel industry sees recovery momentum

Local steel industry sees recovery momentum

VCN - The profits of steel industry enterprises in the second quarter of 2024 recorded very high growth compared to the same period, but there are still differences, some businesses even continue to sink in losses.
EVFTA strengthens Vietnam

EVFTA strengthens Vietnam's attractiveness to European investors

VCN - The Vietnam - EU Free Trade Agreement (EVFTA) has been in effect for four years (August 1, 2020). However, the level of benefits received from this new generation FTA is divided and different among businesses.
EVFTA boosts Vietnam’s exports to Europe

EVFTA boosts Vietnam’s exports to Europe

VCN - The EVFTA has strengthened Vietnam’s attractiveness to European investors, and has significantly boosted Vietnam’s exports to Europe.

Latest News

Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.
Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
NA Chairman departs for official visit to Cambodia

NA Chairman departs for official visit to Cambodia

National Assembly Chairman Tran Thanh Man and a high-ranking delegation of Vietnam’s Party and State left Hanoi on November 21 for an official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).

More News

Innovating gold market management mindset

Innovating gold market management mindset

VCN - To better manage the gold market in the current context, Ass. Professor Dr. Nguyen Thuong Lang, Senior Lecturer at the Institute of International Trade and Economics, National Economics University, believed that a shift in gold market management was needed. Moving away from administrative control toward more economically driven mechanisms and policies is essential.
Businesses need support from vietnamese representative offices abroad

Businesses need support from vietnamese representative offices abroad

VCN - Several heads of Vietnamese representative offices abroad believe that Vietnamese businesses need to prepare solutions to respond to the changing global economy and meet the increasing demands of the international market.
Vietnam-Cambodia relations expected to enter new development period: official

Vietnam-Cambodia relations expected to enter new development period: official

The upcoming trip to Cambodia by National Assembly (NA) Chairman Tran Thanh Man is expected to advance the relations between the two countries into a new development period on the basis of equality, mutual benefit, effective cooperation, and respect for each other's interests, a legislator has said.
Vietnam emerges as forerunner in global nearshoring trend

Vietnam emerges as forerunner in global nearshoring trend

Vietnam has emerged as a leading destination for companies relocating their production facilities, aiming to protect supply chains from potential disruptions, according to an article published by Brazil’s riotimesonline.com on November 17.
PM’s visit to Dominican Republic to cement ties

PM’s visit to Dominican Republic to cement ties

Following his trip to Rio de Janeiro Brazil for the G20 Summit and bilateral engagements, Prime Minister Pham Minh Chinh, accompanied by his spouse and a high-ranking Vietnamese delegation, is set to embark on an official visit to the Dominican Republic from November 19-21.
Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

VCN - On November 8, 2024, Vietnam Report in collaboration with VietNamNet Newspaper announced the VNR500 Ranking - Top 500 Largest Enterprises in Vietnam in 2024. The indicators under the VNR500 Ranking show that the business performance has been positive although there are still "headwinds".
"Explosion" of aviation retail with new services

"Explosion" of aviation retail with new services

VCN - With many large investment projects, Vietnam is considered a potential destination for the aviation trade industry in the Asian region, in which aviation retail will "explode".
PM attends Vietnam-Brazil business forum ​in Rio de Janeiro

PM attends Vietnam-Brazil business forum ​in Rio de Janeiro

Prime Minister Pham Minh Chinh attended a Vietnam-Brazil business forum in Rio de Janeiro on 17 November afternoon (local time) as part of his trip to Brazil for attendance at the G20 Summit and bilateral activities in the Latin American country.
Party leader requests extra efforts to fulfill education, training reform goal

Party leader requests extra efforts to fulfill education, training reform goal

Party General Secretary To Lam attended a meeting with outstanding teachers and education managers in Hanoi on November 18, during which he asked for stronger efforts to complete the goal of education and training reform.
Read More

Your care

Latest Most read
Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.
Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
NA Chairman departs for official visit to Cambodia

NA Chairman departs for official visit to Cambodia

National Assembly Chairman Tran Thanh Man and a high-ranking delegation of Vietnam’s Party and State left Hanoi on November 21 for an official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).
Innovating gold market management mindset

Innovating gold market management mindset

To better manage the gold market in the current context, Ass. Professor Dr. Nguyen Thuong Lang, believed that a shift in gold market management was needed.
Mobile Version