Vietnam accelerates EVFTA and EVIPA ratification

Update: 11:41 | 27/04/2020
The National Assembly’s Committee for External Relations has held a recent meeting to authorize ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).
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Illustrative image. (Photo: Internet)

The Ministry of Industry and Trade has rushed to bring the EVFTA into force to resolve difficulties for businesses and promote the Vietnam-EU trade.

The Ministry of Industry and Trade has identified three major tasks: taking legislative action, building an Action Program, and launching a communications program on the EVFTA.

Legal foundation

Chairman of the National Assembly’s Committee for External Relations Nguyen Van Giau spoke highly of the government’s preparation of EVFTA documents to submit to the National Assembly for approval. The Committee for External Relations will finalize a preliminary report to submit to the National Assembly Standing Committee’s ongoing meeting in Ha Noi.

Luong Hoang Thai, Director of the Multilateral Trade Policy Department, said the first priority now is to craft policies that ensure a legal foundation for the EVFTA’s implementation once the agreement takes effect. Ministries and sectors have revised legal documents and are expected to issue them before or at the same time EVFTA enforcement begins.

Mr. Thai said that worthy of note is the Circular on Goods Origin. “The agreement has been made public for businesses to access. The Circular on Goods Origin will help businesses benefit from EVFTA incentives.”

Nguyen Thu Trang, Director of the WTO and Integration Center of the Vietnam Chamber of Commerce and Industry, said it will be great if the Circular takes effect at the same time as the EVFTA. Mrs. Trang stressed the importance of the Circular to Vietnamese importers.

“Many businesses will benefit from it, particularly those businesses that import machines and equipment from the EU to support production in Vietnam. Regulations on importing EU goods to Vietnam will help businesses take advantage of the EVFTA incentives. An important question is how to make businesses understand the very complicated and specific rules governing origin,” Trang said.

Updated information for businesses

Communications is one of the three major tasks involved in implementing the EVFTA. The Ministry of Industry and Trade administers an information website on the EVFTA at evfta.moit.gov.vn, and has organized seminars and training courses on the new agreement in cities and provinces which have many industrial parks and import and export businesses.

Minister of Industry and Trade Tran Tuan Anh talks underlines the EVFTA Action Program “The Action Program sets short- and long-term tasks that include submitting legal revisions to the National Assembly for approval, managing economic reform, and entering new markets. The Action Program provides a basis for the EU and Vietnam to work together in overseeing EVFTA implementation.”

The European Council passed the EVFTA on March 30th and is finalizing ratification. The pact will take effect following ratification by the Vietnamese National Assembly and after the two sides notify each other of their completion of final ratification steps.

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(Source: VOV)