On June 18, the Ministry of Foreign Affairs, together with other ministries and branches, presented Official Notes announcing Vietnam's ratification of the Vietnam-EU Free Trade Agreement (EVFTA) and the Investment Protection Agreement (EVIPA) to Phai. European Union (EU) delegation in Hanoi.
The fact that Vietnam awarded the notes of the EVFTA and EVIPA agreements right after the National Assembly ratified is important, meaning that the two sides informed each other that they have completed the legal procedures, and helped the two sides set the time. Official entry into force of this agreement.
Thus, according to the provisions of the agreement, EVFTA will take effect on August 1. The EVIPA Agreement will enter into force after it has been ratified by the Parliament of all EU member states.
Permanent Deputy Minister of Foreign Affairs Bui Thanh Son proposed the relevant ministries, branches of Vietnam and EU agencies to continue working closely to make the EVFTA Agreement come into effect. EU Ambassador Giorgio Aliberti also affirmed that he would continue to work closely with Vietnam to effectively implement the EVFTA Agreement and promote member countries to ratify EVIPA soon.
On June 8, the National Assembly approved the Vietnam - EU Free Trade Agreement with nearly 100% approval. EVFTA and EVIPA agreements 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 exports to the EU by 42.7% by 2025. The European Commission estimates EU GDP will increase by USD 29.5 billion and export to Vietnam by 29% by 2035.