Vietnam'S Parliament Approves Vietnam EU FTA
Hanoi, June 8 (Xinhua) Vietnam and the European Union's free trade agreement and investment protection agreement were approved by Vietnam's meeting on June 8. The two sides will gradually reduce or even cancel the tariff of about 99% in bilateral goods trade.
According to the official website of the Vietnamese government, the Vietnamese parliament passed the resolution on the ratification of the Vietnam Europe free trade agreement with 94.62% of the vote on the same day, and the resolution on the ratification of the Vietnam European investment protection agreement with 95.45% of the votes.
The Council of the European Union (EU) approved the Vietnam free trade agreement earlier this year. The agreement is expected to enter into force in July this year after the two sides have completed the relevant procedures. The Vietnam EU investment protection agreement is still to be ratified by EU Member States.
Vietnam is the EU's second largest trading partner in ASEAN, and the EU is Vietnam's second largest export market. Vietnam's main exports to the EU include telecommunications equipment, clothing, footwear and agricultural products. The EU mainly exports electrical equipment, aircraft, automobiles and medical products to Vietnam.
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