EVFTA shows both sides’ strong determination to promote bilateral relations, help Vietnam enhance its internal capacity, strengthen its position and reform the legal system. In particular, it is expected to bring Vietnam economic benefits, generate jobs, and increase budget revenue.
The agreement also poses certain challenges to Vietnam such as commitments to open the markets, requirements to meet strict regulations on investment, customs, and technical standards procedures, as well as commitments to labour.
In the wake of the COVID-19 pandemic, EVFTA will give Vietnamese businesses the opportunity to access new supply chains to replace traditional ones that have been disrupted or stalled.
According to the World Bank, the agreement will also accelerate poverty reduction in Vietnam, helping approximately 0.8 million people escape poverty by 2030, equivalent to a poverty reduction of 0.7%.
In addition to EVFTA, the National Assembly is scheduled to ratify the EU-Vietnam Investment Protection Agreement (EVIPA), and the International Labour Organisation’s Abolition of Forced Labour Convention, known as Convention 105.
Representatives of embassies from EU countries in Hanoi are expected to attend the plenary session on the ratification of these agreements.
The event will be broadcast live on national television and radio channels, along with the NA television channel.