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).
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Minister of Industry and Trade Tran Tuan Anh talks over the phone with EU Trade Commissioner Phil Hogan on June 8 (Photo: VNA) 
