TGVN. In the June 30th statement, the European Commission (EC) officially announced the Free Trade Agreement between the European Union (EU) and Vietnam (EVFTA), signed on June 30th, 2019, will take effect from August 1st.

The Frog meat processing line exports to the EU in Long An Province. (Source: TTXVN)

In the immediate future, at once in effect, EVFTA would remove 65% of tax on EU goods exports to Vietnam, the rest will be eliminated gradually over a 10-years period. For the goods export of Vietnam to the EU market, EVFTA will also remove 71% of tax from the date of Aug 1st, 2020, the rest will be eliminated gradually over a period of 7 years. On the whole, EVFTA rules removing almost totally (99%) tariff between the two parties. EVFTA also reduced many of the non-tariff barriers available in the trade with Vietnam and opening the public procurement and service markets of Vietnam to EU companies.

EU - Vietnam Trade Agreements are also having important provisions about intellectual property protection, workers' rights and sustainable development. EVFTA also includes commitments to implement the International Labor Organization's core standards as well as the United Nations conventions, as related to the fight against climate change or biodiversity protection.

(Source: www.baoquocte.vn)