Prime Minister Nguyen Tan Dung and EC President Jean-Claude Juncker witnessed the signing of the Declaration on the formal conclusion of the negotiations EVFTA.

Formally ended Vietnam FTA talks - EU
Dated 02.12.2015, in Brussels (Belgium), with the presence of Vietnam Prime Minister Nguyen Tan Dung and European Commission President Jean-Claude Juncker, Minister of Industry and Trade Vu Huy Hoang and Vietnam Trade Commissioner, European Union (EU) Cecilia Malmstrom signed the Declaration on the formal conclusion of the negotiations the free Trade Agreement between Vietnam and the European Union.

The two sides affirmed, "This is the great historical moment and a special mark 25th anniversary of diplomatic relations between Vietnam and the EU." With this result, Vietnam and the EU has made a significant step forward in the process to strengthen political partnership and profound comprehensive between Vietnam and the EU, especially trade relations and investment.

The main contents of the Agreement are: Trade in Goods (wording of general provisions and a commitment to open markets), rules of origin, customs and trade facilitation, the safety measures food and plant Health inspection service (SPS), technical barriers to trade (TBT), trade in services (wording of general provisions and a commitment to open markets), Investment and trade Remedies , Competition, state enterprises, government procurement, intellectual property (including geographical indications), sustainable development, cooperation and capacity building, Legal-institutional. The agreement also includes a new approach, more progress on investment protection and dispute settlement investments.

According to the content has been made in the negotiations, the signing EVFTA helps remove over 99% of tariff lines exported from Vietnam to the EU and vice versa, for a period of 7 to 10 years. This Agreement will open up opportunities to export products of Vietnam core such as textiles, footwear, seafood to one of the regional economic development and quality requirements, the world's highest technical .

In addition to helping exports from Vietnam more favorable access to the markets of the EU population of 500 million, EVFTA also creates advantages for EU investment. The greatest impact to include the investment firms operating in the small and medium industry sector auxiliary, a chain is considered to be very weak industrial production in Vietnam, will have a big advantage when after EVFTA investment.

EVFTA EU's first such agreement with a national reach is growing, is considered to create a new platform compared to other agreements with other developing countries. With EVFTA, the two countries have achieved liberalization and balanced, with a transition period to Vietnam can adapt.

This FTA creates opportunities to access new markets in the field of investment services namely the liberalization of trade in financial services, telecommunications, transport, postal and courier. Also remove tariffs, Vietnam will also remove most of the export taxes. Vietnam will also open their markets to the EU, through the lifting of restrictions or slashed production of food, beverages and non-food. The protection of geographical indications represent the leading agricultural products have also been strengthened in EVFTA.

EU is the largest trading partner 2 and is one of two largest export market of Vietnam. Two-way trade turnover between Vietnam and the EU has increased from US $ 17.75 billion in 2010 to US $ 36.8 billion in 2014.

In the first 6 months of 2015, total two-way trade reached US $ 19.4 billion, up more than 11% over the same period of 2014. In particular, EU exports to $ 14.9 billion and imports from the EU reached $ 4.5 billion. Features in the structure of trade between Vietnam and the EU is huge complementarity, less competitive direct confrontation. The group's main exports to the EU we are footwear, garments, coffee, furniture, seafood.

The EU is also the largest investor in Vietnam. By the end of the first 6 months of 2015, with 23 of the 28 EU countries have invested in Vietnam with more than 2,100 valid projects, total investment reached 38.4 billion registered USD. EU investors were present at the most important economic sectors of Vietnam, most concentrated in the industrial, construction and service sectors.

Booting from May 6/2012, EVFTA has undergone 14 rounds of talks, lasted from January to March 8/2015 10/2012. 4/8 days, the two sides announced the end of negotiations the basic content of the agreement. After nearly 4 months solve technical problems exist and finishing writing the agreement, the two sides come together to sign the agreement as planned. After the signing, EVFTA will also have to undergo ratification in Congress step before formally applying.

Nhi Cuc

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