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Vietnam will have to continue waiting until January 2019 to see EU considering lifting up the yellow card imposed on the country's fisheries in October 2017 due to illegal fishing. Photo by Reuters

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Vietnam and the European Union (EU) have finished the legal review process for their free trade agreement (FTA) and reached agreement on the entire of the bilateral investment protection deal, announced Vietnamese Minister of Industry and Trade Tran Tuan Anh and EU Commissioner for Trade Cecilia Malmstrom.

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The Vietnam – EU Free Trade Agreement (EVFTA), a new-generation free trade agreement between Vietnam and the EU's 28 member states, is a comprehensive and high-quality trade pact that is expected to bring a range of benefits to both Vietnam and the EU.

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Once it takes effect, the EU-Vietnam Free Trade Agreement will enable European firms to boost their exports of wine, spirits, and beer, as well as other types of beverages, into Vietnam, which is thirsty for drinks.

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The European Union (EU) market was the largest export market of Vietnamese shrimp in the first quarter of this year, according to Việt Nam Association of Seafood Exporters and Producers (VASEP).

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The European Union (EU) desires to move forward the early official signing of the EU-Vietnam Free Trade Agreement (EVFTA) and pledges to help Vietnam improve its capacity to fully and effectively realize the trade pact’s commitments.

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As holding the presidency of the Council of the European Union (EU), Bulgaria advocates the early signing and approval of the EU – Vietnam Free Trade Agreement (EVFTA), a Bulgarian official has said.

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Once the EU-Vietnam FTA (EVFTA) is signed and the tariff is cut to zero percent, textile and garment exports to the market may obtain 7-8 percent growth rate per annum, experts say.

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Vietnam and the European Union (EU) are likely to sign the EU-Vietnam Free Trade Agreement (EVFTA) soon, Daniel Muller, ASEAN Regional Manager for the German Asia-Pacific Business Association, said in an interview granted to Vietnam News Agency (VNA) reporters in Germany.

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Vietnam and the European Union (EU) are working to finalize legal and language – related issues for the EU-Vietnam free trade agreement (EVFTA) towards the official signing and ratification of the trade deal next year, said Deputy Minister of Industry and Trade Tran Quoc Khanh.

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