On 2 December 2015, the EU and Vietnam announced the conclusion of the negotiations for an EU-Vietnam Free Trade Agreement (FTA). Negotiations for an ambitious and comprehensive FTA were launched in June 2012 with a view to ensuring an effective environment for trade and investment relations.
Following the conclusion of negotiations the way ahead is now clear to begin the legal review and translation into the EU’s official languages and Vietnamese. The Commission will then present a proposal to the Council of Ministers for approval of the agreement and ratification by the European Parliament.
The agreement will contain a legally binding link to the Partnership and Cooperation Agreement (PCA) that governs the overall relationship between the EU and Vietnam.
Negotiations for an EU-Vietnam FTA were launched in June 2012.The EU considers the FTAs with individualASEAN countries as stepping stones towards an agreement in the regional framework, which remains the ultimate goal.
Vietnam has experienced a radical economic and social transformation over the past two decades alongside integration into the global economy. As a rapidly developing and fast growing ASEANeconomy, Vietnam holds substantial potential for EU businesses.
The Partnership and Cooperation Agreement between the EU and Vietnam – signed in June 2012 – offers a solid foundation to intensify relations between the two parties.
Vietnam enjoys trade preferences with the EU under the Generalised Scheme of Preferences.