Home / Knowledge / News / Textiles / Vietnam's National Assembly ratifies EVFTA, EVIPA

Vietnam's National Assembly ratifies EVFTA, EVIPA

08
Jun '20
Pic: Shutterstock
Pic: Shutterstock
Vietnam’s National Assembly recently ratified the European Union-Vietnam Free Trade Agreement (EVFTA), which took eight years to negotiate and will reduce or eliminate 99 per cent of tariffs on goods traded between the two nations. It also approved the EU-Vietnam Investment Protection Agreement (EVIPA). Both agreements are expected to take effect in July.

Up to 94.62 per cent of lawmakers voted in favour of the EVFTA and 95.65 per cent approved the EVIPA.

Under the EVFTA, Vietnam will eliminate 99 per cent of its import duties over 10 years and the EU will do the same over seven. It was approved by the European Council in March.

Regulations related to intellectual property (IP) listed in the EVFTA agreement will not take effect until Vietnam updates its IP laws, according to Vietnamese media reports.

For the United Kingdom, the agreement will apply from the time it takes effect until the year end year and could be extended for 24 months according to the agreement between it and the EU for its exit from the bloc.

Immediately after the EVFTA takes effect, the EU will eliminate import duties on 85.6 per cent of tariff lines, accounting for 70.3 per cent of Vietnam's exports to the bloc. It will gradually eliminate 99.2 per cent of tariff lines, accounting for 99.7 per cent of Vietnam’s exports, over the next seven years. As for the remaining 0.3 per cent, it will give Vietnam tariff quotas with import duties of zero per cent.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: UNFCCC / Alyssa Strohmann / Unsplash

Fashion | On 17th Jun 2021

Over 70% UN Fashion Charter signatories submit disclosures in 2020

For the 2020 reporting cycle, over 70 per cent of signatories to the...

Pic: Shutterstock

Apparel/Garments | On 17th Jun 2021

Prime Content| Bangladesh apparel exports jump 11.1% in July-May FY21

Readymade garment (RMG) exports from Bangladesh increased by 11.1 per ...

Pic: Bierrebi

Textiles | On 17th Jun 2021

India emerging as main hub for manufacturing in Asia: Bierrebi

The size of the machinery market in India is vast and it enjoys...

Interviews View All

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Shivaani Jain,

Shivaani Jain

Established in 2015, Once Upon A Trunk is a one-stop-shop with almost...

Mumin Can Eker,

Mumin Can Eker

Maseksport Inc is a readymade garment exporter. Founded in Izmir in 1989,...

Chini Chouhan,

Chini Chouhan

Founded by Chini Chouhan, her eponymous brand specialises in women's...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search