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|Vietnam-hands-notes-to-the-European-Union-announcing-the-National-Assembly's-decision-to-ratify-the-EVFTA-and-EVIPA. (Photo: dangcongsan)|
On June 18, 2020, at the Ministry of Foreign Affairs' headquarters, the Ministry of Foreign Affairs in coordination with the Ministry of Industry and Trade, the Ministry of Planning and Investment and the National Assembly's Foreign Affairs Committee presented the diplomatic notes to annouce Vietnam 's ratification of the European-Vietnam Free Trade Agreement (EVFTA) and EU-Vietnam Investment Protection Agreement (EVIPA) for the European Union Delegation (EU) in Hanoi.
Attending the meeting including the Party's Central Committee Member, Permanent Deputy Minister of Foreign Affairs Bui Thanh Son, Head of Government Negotiation Delegation - Deputy Minister of Industry and Trade Tran Quoc Khanh, Deputy Minister of Planning and Investment Vu Dai Thang, Vice Chairman of the National Assembly's Foreign Affairs Committee Nguyen Manh Tien and representatives from some Government agencies and the National Assembly. On the EU side was appeared by Ambassador Giorgio Aliberti and EU Delegation officials in Hanoi.
|Permanent-Deputy-Minister-of-Foreign-Affairs-Bui-Thanh-Son. Photo: Ministry of Foreign Affairs.|
Permanent Deputy Minister of Foreign Affairs Bui Thanh Son emphasized the decisions of the European Parliament to approve the EVFTA and EVIPA in February 2020 and the approval of the Vietnam's National Assembly strongly affirmed two sides' wishes, benefits and the determination to enhance and deepen the comprehensive cooperation and partnership between Vietnam and EU after the 30-year diplomatic relation establishment. Permanent Deputy Minister Bui Thanh Son proposed the relevant ministries, branches of Vietnam and EU agencies to continue working closely to make the EVFTA come into effect soon, bringing practical benefits to the both sides' people and businesses. The Deputy Minister also suggested EU member countries to complete ratification of the EVIPA as soon as possible.
EU Ambassador Giorgio Aliberti congratulated the Vietnam National Assembly and Government on completing the approval process of EVFTA and EVIPA. The Ambassador affirmed that the two sides' ratifications of the two Agreements showed a historic milestone, creating important frameworks to promote trade, investment and multifaceted relations between Vietnam and the EU. The EU side affirmed that it would continue to work closely with Vietnam to effectively implement the EVFTA and encourage member countries to ratify EVIPA soon.
|Permanent-Deputy-Minister-of-Foreign-Affairs-Bui-Thanh-Son-at-the-handover-ceremony. Photo V.T|
EVFTA and EVIPA are free trade and investment protection agreements with a wide and comprehensive level of commitment. According to research by the Ministry of Planning and Investment, the agreements are expected to boost Vietnam's GDP by 4.6% and export to the EU by 42.7% by 2025. The European Commission estimates that EU GDP will increase by US$ 29.5 billion and export to Vietnam will increase by 29% in 2035. According to the provisions of the Agreement, after Vietnam officially handed the notes to announce the approval of the two agreements , EVFTA will take effect on August 1, 2020. The EVIPA will enter into force after it is ratified by the Parliament of all EU member states.
The implementation of commitments under the EVIPA will be the driving force for Vietnam to continue improving the institution and policie systems to improve the investment and business environment in the direction of increasingly favorable, equal and safe conditions with more transparent and friendly to investors of all economic sectors.
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