Recommendations for EU-Vietnam FTA, IPA adopted

Economy

Recommendations for EU-Vietnam FTA, IPA adopted

Wednesday, January 22, 2020

The European Parliament (EP)’s Committee on International Trade (INTA) adopted recommendations for the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (IPA) in Brussels on January 21.

Once the EVFTA comes into effect, the EU will eliminate import tariffs for nearly 86 percent of the tariff lines and over 99 percent of tariff lines will be lifted after seven years.

The recommendations for the EVFTA were approved with 29 votes in favour, six against, and five abstains; and that on the IPA got 26 approval votes out of the 39.

The voting event saw the participation of 40 members of the INTA under the chair of INTA chairman Bernd Lange.

The EVFTA consists of 17 chapters, two protocols and some memoranda of understanding on trade, goods, services, investment, trade remedies, competition, State businesses, government procurement, and intellectual property.

Once the agreement comes into effect, the EU will eliminate import tariffs for nearly 86 percent of the tariff lines and over 99 percent of tariff lines will be lifted after seven years. This is the first FTA that the EU has signed with a developing country.

Meanwhile, the IPA includes modern regulations on investment protection that allow enforcement and implementation through a new system of investment courts as well as ensure the two sides’ governments’ rights to regulate benefits of their citizens.

The plenary session of the EP is expected to vote on the two agreements in mid-February this year.

If ratified by the EP, the EVFTA will come into force a month after the two sides notify each other that the legal process is over. Meanwhile, the IPA will still need approval by the parliaments of each EU member state, which could take several years.

(Source: VNA)

EU-Vietnam FTA

Other news

Yen Bai Accelerates the Development and Application of Biotechnology in Environmental Protection

Development and Application of Biotechnology, Production of High-Value Biotechnology Products in Agriculture.

With the aim of advancing the development and application of biotechnology in environmental protection linked to sustainable development in the province, the People's Committee of Yen Bai has issued a plan for implementing the project on the development of biotechnology industries in environmental protection until 2030.

Strong Investment Inflow into Yen Bai in the First Quarter of 2025

Yen Bai’s unwavering efforts to improve the investment environment and create favorable conditions for business development.

Yen Bai has experienced a promising start to 2025 in the area of investment attraction. According to the latest data from the Provincial Statistics Office, the total investment capital into the province in the first quarter of 2025 is estimated to have reached VND 3,447.256 billion, marking a notable increase of 9.41% compared to the same period last year.

Yen Bai Businesses Accelerate Toward Year-End Targets

Leaders of the Department of Industry and Trade inspected the production activities of enterprises in the Southern Industrial Park.

The economy of Yen Bai Province has demonstrated remarkable growth in the early months of 2025, with Gross Regional Domestic Product (GRDP) increasing by 9.58%. Notably, the industrial sector experienced a growth rate of 13%. As 2025 is deemed the year of “acceleration and completion,” the province is determined to comprehensively achieve the goals and tasks set for the year as well as those of the 19th Provincial Party Congress Resolution.

Industrial Production Value of Yên Bái Reaches 100.89% of Double-Digit Growth Scenario Target 10,5%

Bamboo processing at Yen Thanh joint Stock Company.

In the first quarter of 2025, industrial production in Yên Bái continued to maintain a steady growth pace.

Economy