Supported Event: Briefing Seminar -The EU-Vietnam FTA: The Final Push

Wednesday, 20 June 2018
10:00am - 12:00pm
European Parliament, Room A5E-2, Rue Wiertz 60, B-1040 Brussels

EU-Vietnam Friendship Group, the Embassy of Vietnam in Brussels, European Institute for Asian Studies

Briefing Seminar: The EU-Vietnam FTA: The Final Push
Expected to be ratified this year, the EU-Vietnam Free Trade Agreement (FTA) is often referred to as the most ambitious and innovative agreement the EU has concluded with a developing country. The European Court of Justice considered that certain aspects of the FTA are “mixed competences”, and this implies all 28 Member States in addition to the EU must ratify the agreement. As the agreement contains ambitious provisions in a number of areas, including on sustainability, it is encouraging for Vietnam’s future development and economic reform process. When enforced, it is expected to eliminate over 99 percent of customs duties on goods, reduce other technical (non-tariff) barriers to trade and open Vietnamese services markets to EU companies. Figures indicate that Vietnam’s GDP could be boosted by approximately 15 percent, with Vietnamese exports to Europe growing by a third. The sectors most likely to benefit from the opening of each other’s markets include garments, textiles, footwear, agricultural products, machinery, equipment and automobiles.

The EU-Vietnam FTA is set to bring more business and investment opportunities to companies from both sides, while also establishing innovative investment protection mechanisms. It will particularly provide the necessary conditions conducive for SMEs – the drivers of innovation and growth – to more easily reach and invest in Vietnam with their expertise in cutting edge, smart and environmentally solutions and technology. For the EU, this bilateral FTA is a building block towards an eventual region-to-region FTA with ASEAN in the future. 

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