Vietnam'S Parliament Approves FTA
Xinhua news agency, Hanoi, June (8) Vietnam Vietnam Council will approve the free trade agreement and investment protection agreement between Vietnam and the EU on the 8 day. The two sides will gradually reduce or even abolish about 99% tariffs on bilateral trade in goods.
According to the Vietnamese government's official website, Vietnam's parliament passed a resolution on the approval of the European Free Trade Agreement on the same day with a vote of 94.62%, and passed a resolution on Ratifying the agreement on investment protection in Vietnam with a vote of 95.45%.
The EU Council approved the FTA agreement earlier this year. After completion of the relevant procedures, the EU agreement is expected to take effect in July this year. The EU EU investment protection agreement is still subject to the approval of the EU Member States.
Vietnam is the second largest trading partner of the European Union in ASEAN, and the EU is the second largest export market in Vietnam. Vietnam's main exports to the EU include telecommunications equipment, clothing, footwear and agricultural products. The European Union mainly exports Vietnam's electrical equipment, aircraft, automobiles and medical products.
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