GOVERNMENT OFFICIALLY APPROVES IMPLEMENTATION PLAN FOR EVFTA

Prime Minister Nguyen Xuan Phuc has approved a plan to implement the EU-Vietnam Free Trade Agreement (EVFTA).

Under the approval, PM asked ministries, sectors and localities, besides the regular tasks, need to concretize and deploy the implementation of basic targets, of which, the dissemination on EVFTA and markets of EU members should be strengthened towards the relevants objects, especially farmers, fishermen and workers…on the mass media and web portals. Besides, relevant sectors and branches are required to further boost the commerce and investment promotion programs in EU nations to inform the business society of the opportunnities and advantages of the investment and business environment in Vietnam, thus, developing the commercial relations; luring foreign investment to key locations; building supporting programs  and raising the competing power for sectors and enterprises, especially the small and medium sized enteprises and super small sized enteprises to suit with the international commitments; preparing the solutions to cope with incidents and support sectors badly affected by the agreement enforcement; supporting Vietnamese enterprises to take part in the production network, value chain, and also the regional and global supply chain.

In regards to Vietnam’s exports, since the agreement comes into force, EU will eliminate import tax for around 85.6% of tariff lines, equivalent to 70.3% of the Vietnam’s export turnover to EU. After 7 years since the agreement taking effect, EU will eliminate import tax on 99.2% of tariff lines, equivalent to 99.7% of Vietnam’s export turnover. For the remainder of 0.3%  export turnover, EU undertakes to offer Vietnam the tariff quota of 0%./.