FREE TRADE AGREEMENT APPROVED BETWEEN THE EUROPEAN UNION AND VIETNAM


09/06/2020




Aslıhan DOĞRU -TDO- Vietnam has announced it was concluded a free trade agreement with the European Union (EU) for the reinvigorate economy.

In Vietnam, members of parliament announced that they had agreed to the agreement at the first national assembly session since the beginning of the new type of coronavirus (Covid-19) pandemic.

With the approved free trade agreement, tariffs for both sides will be abolished by 99% in the next 7-10 years.

The free trade agreement also envisages improving fundamental rights and freedoms in Vietnam.

Vietnam has had economic growth of 6% over the past five years.

According to the Office for General Statistics, Vietnam is the European Union's second-largest trading partner in Southeast Asia.


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