(Photo: VNA)

On Tuesday, following the EC’s approval of the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA), Quang said: “Both agreements are important for Vietnam and the EU not just in trade and investment. According to the World Trade Organization and the EU, these are new-generation, comprehensive and high-quality free trade agreements which combine trade, investment, and the highest labour and environment standards and inclusive and sustainable development goals. These are the first new-generation trade and investment agreements concluded between the EU and a middle-income country. The deals will benefit both sides because their economic products will support each other rather than competing against one another.”

Once the two documents are signed, Vietnamese enterprises will have opportunities to expand their operations in a market with 500 million people and a total GDP reaching nearly 19 trillion USD, 22% of the world’s GDP.

After being signed in Hanoi this Sunday, the EVFTA will come into force  after the Vietnamese National Assembly and the European Parliament ratify it. But it will take at least two years for the EVIPA to be ratified by the EP and 28 member parliaments.

According to Ambassador Quang, “Vietnam hopes that the new European Parliament will soon stabilize its organization and personnel following the election to consider the two agreements in September or October to vote for adoption by the end of this year or early next year. I strongly believe that as part of the Vietnam-EU comprehensive cooperation, the EVFTA will take effect in 2020 and the EVIPA will soon follow suit for the benefits of both Vietnam and the EU.”