Süddeutsche Zeitung newspaper stated that Vietnamese NA deputies had consented to endorse the EVFTA, the most comprehensive agreement that the EU has ever reached with a developing country, in addition to being the second deal completed between the bloc and a nation based in Southeast Asia.
Since the European Parliament (EP) had adopted the agreement back in February, it is now able come into force in early August, according to the article.
In the initial wave of tariff cuts outlined within the EVFTA, around two-thirds of all tariffs are set to be removed. Moving forward a further seven to 10 years, almost all goods will then be exempted from taxes.
Elsewhere, Handelblatt newspaper notes that the move by the Vietnamese legislature to ratify the trade deal will help to abolish tariffs placed on the majority of exports from the emerging Asian nation to the EU.
Meanwhile, Frankfurt newspaper stated that trade experts from the EP have applauded the decision of Vietnamese legislatures to grant their final approval to the EVFTA following eight years of negotiations.
It quotes Bernd Lange, Chairman of the EP’s International Trade Committee, as saying that with the decision taken by the country and the EU can initiate changes through the deepening of bilateral ties.
Geert Bourgeois of the EP was quoted by the newspaper as saying that the trade deal will provide a great opportunity for European exporters and investors.
Meanwhile, the website of the Austrian Economic Chambers said that now the EVFTA has been approved in Vietnam, plenty of Austrian firms will now find it easier to enter the Southeast Asian market.
With the Vietnamese economy exceeding annual growth of 7%, the article adds that it is a network economy that is highly competitive, with a growing middle class along with a young and dynamic workforce.
It is considered highly possible that the nation will develop into a hub of technologies and a start-up incubator in Asia, the article concludes.