EU and Vietnam to sign two trade deals

EPA/LUONG THAI LINH

A woman sells fried 'banh chung' or rice cake in Hanoi, Vietnam 08 December 2015. The European Union and Vietnam concluded negotiations on a free trade deal after resolving the last outstanding issues, including the question of how investor lawsuits are handled, a thorny subject in the EU. The deal will help Vietnam 'integrate successfully as a market economy into the global economy,' European Commission President Jean-Claude Juncker, EU President Donald Tusk and Vietnamese Prime Minister Nguyen Tan Dung said in a joint statement.

EU and Vietnam to sign two trade deals


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The Council adopted on 25 June decisions on the signature of two agreements between the EU and Vietnam: a Free Trade Agreement and an Investment Protection Agreement.
The Free Trade Agreement will enter into force after the ratification by the European Parliament, and entails the almost complete elimination of customs duties, while the Investment Protection Agreement will enter into force after the ratification by all member states.
An increasing number of European companies are establishing in Vietnam to set up a hub to serve the Mekong region. Main EU imports from Vietnam include telecommunications equipment, clothing and food products, while the EU mainly exports to Vietnam goods such as machinery and transport equipment, chemicals and agricultural products.

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