European businesses expressed their support for signing and ratification of a free trade agreement between the European Union (EU) and Vietnam (EVFTA). The FTA will benefit European firms in many areas, including pharmaceuticals. It will strengthen multi-faceted partnership between the EU and Vietnam, bringing benefits to enterprises and people of both sides.
European investors in Vietnam will enjoy better assurances thanks to the Investment Protection Agreement (IPA), which has been separated from the EVFTA. As opportunities for business cooperation between the two are increasing due to their diversity and supplementary strengths, consumers on both sides will benefit from the process.
EU has supported Vietnam, through independent consultation experts, in building action plans and programmes to implement commitments stated in the deal. Both EVFTA and IPA have been translated into languages of EU countries and Vietnamese to be submitted to the European Commission (EC) and the Vietnamese government before the ratification process is undertaken in the European Parliament and Vietnam’s National Assembly.