The European Council announced on June 25 that it has approved the European Union – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA), and assigned the EU to sign the deals with Vietnam on June 30 in Hanoi.
The EVFTA and EVIPA are standard and most ambitious agreements concluded between the EU and a developing country. Once the EVFTA takes effect, over 99 percent of tariff on goods from both sides will be lifted. Vietnam will remove 65 percent of import tariff on goods from the EU. Remaining tariffs will be removed in the next decade.