The EU’s free trade agreement with Vietnam comes into force on Saturday. From then on, almost all import duties on goods between the EU and the Southeast Asian country will cease to apply over the next ten years. EU Commission President Ursula von der Leyen said she hoped this would create jobs and “new emerging markets” for European companies. The agreement also offers a great opportunity for the people of Vietnam.
Vietnam is an important country for the production of electrical appliances and textiles for the European market. Conversely, the country with 95 million inhabitants is an interesting sales market for European companies. According to the EU Commission, Vietnam is the EU’s second largest trading partner in the Association of Southeast Asian Nations (Asean) after Singapore. Any part of the contract on investment protection drawn up separately from the trade agreement must also be ratified by the national parliaments of the EU countries.