Europe - Vietnam Free Trade Agreement & Next steps

On Sunday 30th June, 2019, The European Chamber of Commerce in Vietnam (EuroCham) joined the Prime Minister of Vietnam, H.E. Nguyen Xuan Phuc, EU Trade Commissioner Cecilia Malmstrom and Romanian Minister of for Business, Trade and Entrepreneurship Ștefan-Radu Oprea, at the official signing of the EU-Vietnam Free Trade Agreement (EVFTA) in Hanoi.

The Agreement is a fruitful outcome of a negotiation that lasted for almost 9 years since the Agreement was proposed and it is also considered a bridge to bring Vietnam and Europe markets closer by gradually eliminating almost all tariffs on goods traded between the EU and Vietnam.

Contributing a great part in helping this Agreement getting closer to ratification was the support from EuroCham Vietnam and Mazars in Vietnam is proud to share our part in such progress with the representation of Mr. Nguyen Hai Minh, our Tax Advisory Partner as EuroCham Vice Chairman.

EVFTA signing ceremony

Once the Agreement goes into force, it shall certainly create great impact on many industries in both sides, it helps the investors in the EU access Vietnamese fast-growing market easier and generates many opportunities for the Vietnamese companies to export and/ or import goods with one of the world largest market of the EU.

However the public information about EVFTA is still limited and almost stay unknown for many Vietnamese SMEs, therefore, many events were hosted around the time of the signing ceremony to provide Enterprises with more information about this Agreement and how it will affect business in Vietnam, especially, those that rely heavily on the import and/ or export activities.

To help Enterprises understand the Agreement better with more insightful views from Customs perspective, Mr. Minh joined many conferences about EVFTA, started with a presentation of "EVFTA Signed: The Latest Interpretation of Its Impact on Vietnam Textile and Apparel Industry", at the 5th Vietnam Textile Summit 2019 hosted by ECV, June 26 & 27th, in Da Nang city.

anh Minh_EVFTA 5

And after the signing ceremony, he joined the panel of discussion with VCCI President and Chairman Dr. Vu Tien Loc and EuroCham Chairman Nicolas Audier about the Agreement, how it shall affect the Trading relations and tariff between EU & Vietnam and what will change in the Customs application once the Agreement comes to affect.

anh Minh_EVFTA 1

Mr. Minh shared: "Although the EVFTA negotiation has concluded since 2015, there is little information was shared to the enterprises. And it is likely that the Agreement shall be approved in 1 or 2 years, therefore, the interpreter for EVFTA need to be carried out as soon as possible for all business."

Read Mr. Nguyen Hai Minh profound sharing about EVFTA and its opportunities and challenges to Vietnamese enterprises to adjust you business accordingly to the change that this Agreement shall bring and stay ahead of the curve.