According to the announcement made by the Ministry of Industry and Trade, Vietnam and European Union (EU) have finally reached an agreement on all basic points of the Free Trade Agreement between EU and Vietnam (EVFTA). After the EVFTA comes into effect, the EU will eliminate 86 per cent of tariff lines or 70.3 per cent of Vietnamese export to the EU, and seven years after the agreement is effective, it will eliminate 99.2 per cent of tariff lines for Vietnam, equivalent to 99.7 per cent of Vietnamese export turnover with the remainder of export turnover enjoying zero-duty tariff rate quotas. Duties on garment, textile, and footwear will also be eliminated.
