Trade Agreement between Vietnam and the European Union

The National Assembly has officially passed a resolution approving the Free Trade Agreement between Vietnam and the European Union (EVFTA). The European Union (EU), is market with 508 million people and a gross domestic product (GDP) of approximately $ 18,000 billion. The market holds high potential for trade relations in favour of Vietnam and provide wider access.
The EU is towards abolishing import duties on about 85.6% of tariff lines, equivalent to 70.3% of Vietnam's exports to the EU. After 7 years from the date of entry into force of the Agreement, the EU aims to eliminate import duties on 99.2% of tariff lines, equivalent to 99.7% of Vietnam's exports to the EU.