The European Parliament Adopts The EU - Vietnam Free Trade Agreement.

According to "Yue Tong express" reported on February 12th: Hanoi time at 18 in February 12th, the European Parliament voted through the EU - Vietnam free trade agreement (EVFTA), including the "free trade agreement (FTA)" and "investment protection agreement (IPA)". With the approval of the European Council, the free trade agreement can take effect, and the investment protection agreement requires all European Union Member States to ratification it. The EU - Vietnam free trade agreement also needs approval from the Council of Europe to take effect.

In Viet Nam, the president of the state will submit the next meeting of the national assembly for consideration and approval in May on the basis of the government's proposal. Chen Junying, Minister of industry and trade of Vietnam, said: "if all goes well, the agreement will come into effect in July. When the new crown pneumonia epidemic has a negative impact on Vietnam's economy, the agreement will become a lever for economic growth and provide huge opportunities for Vietnamese enterprises to enter the EU market with a GDP scale of US $18 trillion.

The European Union is one of Vietnam's largest export markets, but Vietnam's market share is relatively small because of its limited competitiveness. Therefore, under the promise of open markets, the price competitiveness of Vietnamese goods exported to Europe will be enhanced, which will help to promote trade relations between Vietnam and the EU and expand Vietnam's exports to the EU.

In 2019, Vietnam's total import and export volume exceeded US $500 billion, of which US $41 billion 480 million was exported to the EU and US $14 billion 910 million from the EU.