04/06/2020
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EVFTA: Vietnam's tariff lines for EU

On February 12, 2020, the European Parliament ratified the EU-Vietnam Free Trade Agreement (EVFTA). On the same day, the EU-Vietnam Investment Protection Agreement (“EVIPA”) was also approved marking a historic step in EU-Vietnam trade relations. Both agreements were already officially signed in Hanoi In June 2019.

Key aspects of the EVFTA are the dismantling of customs barriers and the facilitation of European-Vietnamese trade relations. For example, after the official entry into force of the free trade agreement, approximately 65% of EU exports to Vietnam and around 70% of EU imports from Vietnam will be exempted from customs duty immediately. The remaining customs obligations are to be abolished in perspective over a path of 10 years (99% duty exemption) and 15 years (99.8% duty exemption), with the exception of crude oil and coal.

currently, EVFTA is submitted to the National Assembly of Vietnam for approval in the 9th meeting. If EVFTA is approved, this Agreement will enter into force in July this year (and immediately eliminate 65% and 70% of the corresponding tariff lines).

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To catch up with the trend of FDIs moving production from China and making the most of opportunities when Vietnam participates in free trade agreements, especially CPTPP, EVFTA ... Beside about 640ha of ready industrial land for lease at Huu Thanh industrial Park in Long An province; Phu My 2 and Phu My 2 Expansion industrial Parks in Ba Ria - Vung Tau province, Cau Nghin industrial Park in Thai Binh province, Que Vo 2 industrial park in Bac Ninh province; In the coming time, IDICO will continue to seek, research and invest in the development of industrial parks throughout the country with the target will be three industrial parks with areas of about 1,000ha in the North provinces; developing diversified products to meet the needs of many different investors including factories, warehouses built for rent ...

 
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IDICO's image: Infrastructure Construction of Huu Thanh IP in Long An province for investtors