When Will EVFTA Come Into Effect?

By Silvera Food
Tue, Jul 5 2019, 15:20 (GMT + 7)

The hottest topic recently in both offline and online media is the signing of EVFTA (EU-Vietnam Free Trade Agreement) last June 30, 2019 in Hanoi - capital of Vietnam. organizations, companies and several people are cheerful about this. Why? Well, because first of all, negotiations all started in 2012 - it took 7 years to reach this conclusion! How could not they be happy? Here in Vietnam, people keep discussing how attractive Vietnam would be as a destination for foreign investments, how enterprises from both Vietnam and EU would benefit once the free trade agreement becomes fully operative. 

According to Vietnam News Agency, we have learned that after this agreement comes into effect, it is said to immediately remove import duties on 85.6% of the Vietnamese export to EU and 48.5% of EU goods into Vietnam. What draws the attention of seafood people like us the most is in the first year of the operation of EVFTA, 60.2% of fisheries products from Vietnam to EU would be exempt from taxes. What an opportunity! A recent research of VCCI (Vietnam Chamber of Commerce and Industry) shows that up to 77% of the asked SMEs did not know of this agreement or has heard of it for the first time. As an SME, we deeply care about this agreement and have tried to educate ourselves on it so we would not be an outsider when the time comes.

But then we realize one essential thing that has not clearly been talked about in the news - one important question that helps enterprises prepare themselves for such a big opportunity, which is "When will EVFTA come into effect?". The keyword for all of the advantages brought in by this agreement is "after this free trade agreement comes into force".

So we did a research and found out from the website of European Parliament that though EVFTA has been signed, it still needs the consent from European Parliament, probably in autumn 2019, and the ratification is expected to be enabled by the end of 2019. You can read more here

That is the clearest information available so far for the effective time of EVFTA. We would keep ourselves updated and share more information here in the coming time. Below is the best sumary for this. 

FTAs Between EU with Vietnam, Singapore and Korea
FTAs Between EU with Vietnam, Singapore and Korea. Credit: Asia Briefing Ltd
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Have a nice day.

Silvera Food Trading Co., Ltd
Telephone: +84 937 968 548
Address: 202 Le Lai Street, Ben Thanh Ward, District 1, Ho Chi Minh City, Vietnam