Trade Local firms urged to prepare for EVFTA By Thuy Dung Thursday, Jun 27, 2019,17:35 (GMT+7) Local firms urged to prepare for EVFTABy Thuy Dung Workers at a local firm. Domestic enterprises should be prepared for the European Union-Vietnam Free Trade Agreement – PHOTO: QUOC HUNG HANOI – As the European Union and Vietnam are set to sign a free trade agreement in Hanoi this Sunday, domestic enterprises should get prepared to make the most of opportunities which the trade pact would bring. On June 25, the European Council decided on the signing of two agreements between the EU and Vietnam: a free trade agreement and an investment protection agreement. The Council said in a statement that the two deals would be signed in Hanoi on June 30, 2019. The EU-Vietnam Free Trade Agreement (EVFTA), said the statement, is the most ambitious FTA ever concluded with a developing country since it provides for the almost complete (99%) elimination of customs duties between the two sides. Up to 65% of duties on EU exports to Vietnam will be abolished as soon as the EVFTA takes effect while the remainder will be phased out over a period of up to 10 years. For Vietnamese exports to… Read full this story
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