Minister of Industry and Trade Tran Tuan Anh and EU Trade Commissioner Phil Hogan reached consensus on the point of time for the EU-Vietnam Free Trade Agreement (EVFTA) to take effect, during their phone talks on June 8.
Minister of Industry and Trade Tran Tuan Anh talks over the phone with EU Trade Commissioner Phil Hogan on June 8 (Photo: VNA)
Hanoi (VNA) – Minister of Industry and Trade TranTuan Anh and EU Trade Commissioner Phil Hogan reached consensus on the point of time for the EU-Vietnam Free Trade Agreement (EVFTA) to take effect, during their phone talks on June 8.
The talks took place right after the Vietnamese National Assembly (NA) had ratified the deal earlier the same day.
According to the EU’s internal procedures, the EVFTA needsthe European Parliament’s ratification and then the European Council’s approvalto come into force.
On February 12 this year, the European Parliament ratifiedthe agreement with 63,35 percent of votes in favour. The European Council alsoapproved the trade pact on March 30 and sent a document to Vietnam on April 24to inform about the EU’s completion of its last legal procedure.
Meanwhile, the EVFTA sailed through the Vietnamese NA onJune 8 with the support of all lawmakers present at the plenum.
Under Article 17.16 of this deal, the EVFTA will take effecton the first day of the second month after the month when both sides informeach other about the completion of corresponding legal procedures for theenforcement, or another date agreed on by both sides.
According to Vietnam’s 2016 law on international treaties,after the NA issued a resolution ratifying the EVFTA (usually one week), theMinistry of Foreign Affairs will announce the country’s completion of domesticlegal procedures to the EU.
As the EU already gave the notification to Vietnam in April,Vietnam’s coming announcement will also set the date for the EVFTA to takeeffect for both sides, August 1 as expected.
In case the country wishes the agreement to become effectiveon an earlier date, it will have to discuss with the EU and wait for results ofthe bloc’s internal consultation. If the internal consultation lasts for morethan three weeks, it will be hard for the Foreign Ministry of Vietnam to send theannouncement of the country’s completion of internal procedures to the EUbefore July 1, according to the officials./.
The European Chamber of Commerce (EuroCham) has applauded National Assembly resolutions ratifying the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), its Chairman Nicolas Audier said.
Hopes are growing that the EU-Vietnam Free Trade Agreement, which was approved by Vietnam’s National Assembly on June 8, will give a much-needed boost to Vietnam's economy, according to Japan’s Nikkei Asia Review.
The EU-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (EVIPA), which were ratified by the National Assembly on the morning of June 8, will offer a golden opportunity for Vietnam to elevate its position on the global trade map, especially in the context of the worldwide COVID-19 crisis, economic analysts believe.
Many business owners in the southern province of Dong Nai, a major industrial hub in Vietnam, have expressed delight at the National Assembly (NA) ratifying the EU-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (EVIPA) on June 8.
Experts have suggested Vietnamese enterprises improve product quality standards to overcome barriers imposed by the fastidious yet promising EU market, thus optimising the advantages to be generated from the EU-Vietnam Free Trade Agreement (EVFTA).
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Minister of Industry and Trade Tran Tuan Anh talks over the phone with EU Trade Commissioner Phil Hogan on June 8 (Photo: VNA) 
