The agreement deepens the Vietnam–European Union relations and was adopted by Council Decision (EU) 2020/753 of March 30, 2020 on the conclusion of the free trade agreement between the EU and Vietnam.[2] The agreement was passed in Vietnam on June 8, 2020, in the Vietnamese National Assembly and entered into force on August 1 of that year.[3] Both agreements were approved by Vietnam's lawmakers with a large majority of around 95% of the vote.[4]
According to the European Commission, the agreements will provide opportunities to increase trade and support jobs and growth on both sides, through
Eliminating 99% of all tariffs
Reducing regulatory barriers and overlapping red tape
Ensuring protection of geographical indications
Opening up services and public procurement markets
United Kingdom–Vietnam Free Trade Agreement: a similar free trade agreement between the UK and Vietnam. It is largely derived from EVFTA with minor modifications and was made to continue the rights and obligations between the two countries after Brexit.[6][7]
