|A shrimp processing factory. Under the EVFTA, Vietnam pledged to erase tariffs on exports to the EU according to a 15-year roadmap (Photo: VNA)
The Ministry of Finance said on February 13 that it will build and submit the draft decree to the Government.
When the agreement takes effect, Vietnam will immediately remove 48.5 percent of import tariff lines, equivalent to 64.5 percent of its imports from the EU. The respective rates will reach about 99 percent and 99.8 percent after 10 years.
Regarding the remaining tariffs, the elimination roadmap will last for more than 10 years, or Vietnam will give preferential treatment to the EU on the basis of the World Trade Organisation (WTO)’s tariff quota.
Meanwhile, the country pledged to erase tariffs on exports to the EU according to a 15-year roadmap, except for some products such as crude oil and coal.
On February 12, the European Parliament ratified the EVFTA with 401 votes in favour, 192 against and 40 abstentions. The EU-Vietnam Investment Protection Agreement was also passed the same day.
Both agreements were officially signed in Hanoi on June 30, 2019.
The European Parliament will later issue an announcement on the completion of the EVFTA ratification process and transfer the ratification dossier back to the European Council to complete final procedures.
Vietnamese agencies are also working on procedures to submit the EVFTA to the National Assembly at the session this May. If the parliament adopts the deal in May and the two sides inform each other about procedure completion in June, the EVFTA will become effective on July 1 this year.