Ministry of Finance take prompt plans to implement EVFTA
![]() |
Guest speakers participated in the seminar within the framework of the conference |
To prepare for the implementation of the EVFTA, the Government is developing an action plan to assign tasks and responsibilities to agencies and organisations to decide on the direction, management and other measures to fully and effectively implement the agreement.
Speaking at a seminar within the framework of the conference "Effective utilisation of EVFTA: Development opportunities for Vietnamese enterprises after the shock of Covid-19" in Hanoi, Pham Tuan Anh, Deputy Director of International Cooperation Department (Ministry of Finance), said that similar to FTAs signed and implemented by Vietnam before, the Ministry of Finance also developed and implemented plans for contents that were run by the Ministry of Finance. The action plan of the Ministry of Finance agreed with the action plan of the Government on the objectives and defined main tasks such as communication and disseminating information, legal and institutional, improving competitiveness and developing human resources.
According to the action plan, the first and most important task was to communicate and disseminate the agreement and EU market information so enterprises as well as State agencies could understand the commitment to implement correctly and effectively.
Besides, the development of institutional and legal were considered a key task so that when the agreement comes into force, it could be promptly implemented with the completion of the legal framework. Regarding this, the Ministry of Finance had taken steps to prepare and review from the signing of the agreement in 2019. Specifically, during the review of the agreement, the Ministry of Finance has developed a list and roadmap of commitments that should be internalised and legislated to implement, including one law and two decrees.
Based on the legal review of the EVFTA chaired by the Ministry of Justice and the functions and duties of the Ministry of Finance (for Vietnam's commitments on import and export duties, customs and securities services, and insurance services as well as a number of other services), the new legal documents proposed on amending, supplementing and promulgated by the Ministry of Finance included the Law on Insurance Business (amended), Decree of the Preferential Export Tariff and Special Preferential Import Tariff of Vietnam to implement the EVFTA, decree amending and supplementing Decree No. 08/2015/ND-CP (decree stipulating and enforcement measures of the Customs Law regarding customs procedures, customs inspection, supervision and control) and Decree No. 59/2018/ND-CP (Decree amending and supplementing articles of Decree No. 08/2015/ND-CP dated January 21, 2015 of the Government regulating enforcement measures of the Customs Law on customs procedures, customs inspection, supervision and control).
Analysing the typical amendment in the case of the Law on Insurance Business, Pham Tuan Anh stated that for insurance services in the EVFTA, Vietnam commited three contents which were higher than the WTO: Allowing cross-border ceding of reinsurance service, committing to allow provision of voluntary health insurance services through commercial presence and the establishment of branches of foreign ceding companies in Vietnam after a transition period of three years.
Allowing establishing a branch of foreign ceding company in Vietnam is not prescribed in current law. Therefore, the Law on Insurance Business has included in the Law and Ordinance making programme in 2021, of that supplemented regulations on the establishment of branches of foreign ceding companies in Vietnam.
Besides on the above, the leader of the International Cooperation Department added: "The Ministry of Finance would work closely with ministries and branches such as the Ministry of Industry and Trade in finalising provisions on origin of goods, quotas as well as other provisions on refurbished goods."
Related News

Over 1,500 customs declarations processed by Hai Phong Customs during Tet
14:36 | 10/02/2025 Customs

Numerous FDI enterprises face suspension of customs procedures due to tax debt
09:57 | 18/12/2024 Anti-Smuggling

Bringing practical experience into customs management policy
13:48 | 03/12/2024 Regulations

Businesses anticipate new policies on customs procedures and supervision
15:41 | 29/11/2024 Regulations
Latest News

Securities 2025 expects a breakthrough in scale and quality
14:37 | 10/02/2025 Finance

Cash reserves in stock accounts at six-quarter low amid margin rise
08:23 | 10/02/2025 Finance

Five solutions for developing stock market in 2025
10:01 | 07/02/2025 Finance

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday
14:43 | 04/02/2025 Finance
More News

The stock market after Tết 2025 presents both challenges and opportunities
07:55 | 04/02/2025 Finance

Opportunities and challenges in Việt Nam's crypto boom
14:27 | 03/02/2025 Finance

Đà Nẵng aiming to become a regional financial centre before 2050
19:05 | 01/02/2025 Finance

Which investments to make in 2025?
20:53 | 30/01/2025 Finance

5 strategies for reallocating houses and land
18:36 | 29/01/2025 Finance

Stock market expected to rebound positively after Tết holiday: expert
18:36 | 28/01/2025 Finance

Ministry of Planning and Investment proposes piloting a cryptocurrency exchange at financial centres
23:07 | 27/01/2025 Finance

Banks selling mortgaged assets to recover bad debts
10:19 | 24/01/2025 Finance

Keeping inflation in check a priority for 2025
11:05 | 22/01/2025 Finance
Your care

Securities 2025 expects a breakthrough in scale and quality
14:37 | 10/02/2025 Finance

Cash reserves in stock accounts at six-quarter low amid margin rise
08:23 | 10/02/2025 Finance

Five solutions for developing stock market in 2025
10:01 | 07/02/2025 Finance

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday
14:43 | 04/02/2025 Finance

The stock market after Tết 2025 presents both challenges and opportunities
07:55 | 04/02/2025 Finance