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|EVFTA approval shows progress in the EU - Vietnam relations (Photo: Industry and Trade News)|
Minister of Industry and Trade Tran Tuan Anh has signed Circular 11/2020/TT-BCT on rules of origin in the European Union – Vietnam Free Trade Agreement (EVFTA), according to VNA.
On August 1, the circular will come into force. It is also the day the trade deal will take effect. With five chapters and 42 articles, the circular creates a legal framework for goods exported to the EU to be granted with preferential C/O.
The early issuance of the circular belonged to the ministry's action plan to enhance the domestic legal framework to implement the EVFTA.
|The Vietnamese National Assembly passed EVFTA on June 8 (Photo: National Assembly)|
Accordingly, Vietnamese goods exported to the EU will be granted C/O form EUR 1 and enjoy preferential tariff in line with the EVFTA. The permission will be provided by agencies and organizations authorized by the Ministry of Industry and Trade.
In comparison with other trade deals to which Vietnam holds membership, the EVFTA's rules of origins had more new and complicated points.
According to the Import-Export Department, the circular is essential for Vietnamese businesses to take advantage of preferential tariffs since the trade deal comes into force.
The ministry, therefore, asked businesses to study rules of origins carefully for thorough understanding. The ministry will raise dissemination of the circular to the business community and State management agencies.
|Garment and textile are the industries that get a lot of benefits from EVFTA (Photo: Business Times)|
After 8 years of negotiation, the EVFTA was signed on June 30, 2019 in Hanoi. The trade deal then was passed by the European Council on March 30 and by the Vietnamese National Assembly on June 8.
The adoption of the trade deal shows a great progress in the relations between the EU and Vietnam on the occasion of the 30th anniversary of the two sides' diplomatic ties.
The agreement is expected to be a solid foundation for trade and investment between the two sides. Vietnam is currently the second largest exporter among the ASEAN countries to the EU.
Under the agreement, Vietnam will reduce 65% of import tariffs on EU goods, while the rest will be eradicated over a 10-year period. Meanwhile, the EU will reduce more than 70% of taxes on Vietnam's goods, while the rest will be erased over the 7 subsequent years, informed VGP News.
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