• EVFTA hoped to take effect on August 1
    Minister of Industry and Trade Tran Tuan Anh and EU Trade Commissioner Phil Hogan reached consensus on the point of time for the EU-Vietnam Free Trade Agreement (EVFTA) to take effect, during their phone talks on June 8.

    The talks took place right after the Vietnamese National Assembly (NA) had ratified the deal earlier the same day.

    Minister of Industry and Trade Tran Tuan Anh talks over the phone with EU Trade Commissioner Phil Hogan on June 8

    According to the EU’s internal procedures, the EVFTA needs the European Parliament’s ratification and then the European Council’s approval to come into force.

    On February 12 this year, the European Parliament ratified the agreement with 63,35 percent of votes in favour. The European Council also approved the trade pact on March 30 and sent a document to Vietnam on April 24 to inform about the EU’s completion of its last legal procedure.

    Meanwhile, the EVFTA sailed through the Vietnamese NA on June 8 with the support of all lawmakers present at the plenum.

    Under Article 17.16 of this deal, the EVFTA will take effect on the first day of the second month after the month when both sides inform each other about the completion of corresponding legal procedures for the enforcement, or another date agreed on by both sides.

    According to Vietnam’s 2016 law on international treaties, after the NA issued a resolution ratifying the EVFTA (usually one week), the Ministry of Foreign Affairs will announce the country’s completion of domestic legal procedures to the EU.

    As the EU already gave the notification to Vietnam in April, Vietnam’s coming announcement will also set the date for the EVFTA to take effect for both sides, August 1 as expected.

    In case the country wishes the agreement to become effective on an earlier date, it will have to discuss with the EU and wait for results of the bloc’s internal consultation. If the internal consultation lasts for more than three weeks, it will be hard for the Foreign Ministry of Vietnam to send the announcement of the country’s completion of internal procedures to the EU before July 1, according to the officials./.

    Nguồn: VietnamNet
News new
  • E-commerce in Vietnam thrives during COVID-19
    "Covid-19 has given e-commerce a push" said Nguyen Thuy Anh, Head of Digital Economy Innovation Division from E-commerce and Digital Economy Agency. It not only has changed consumers’ behaviors, but also forced traditional retailers and manufacturers to go online.
  • Online shopping and electronic payments increase in popularity
    Online shopping and electronic payments in Việt Nam have become more common in recent years as more of the country's population gains access to the internet, and e-commerce in the 95 million-strong market is set to enter a rapid growth phase in the near future, according to industry experts.
  • Vietnam urged to join global value chain through EVFTA
    The Government should provide additional assistance in reducing costs and simplifying administrative procedures to help local firms get more involved in the global value chain and therefore make the most of the EU-Vietnam Free Trade Agreement (EVFTA), insiders believe.
  • How agritech driven by data is modernizing farming in Asia
    Tech like AI, IoT, and autonomous agri-vehicles are being supplemented with data to automate agricultural decision-making.
  • Vietnamese consumers prefer using cashless payments
    The total value of cashless transactions jumped six times in the first half this year against the same period of 2019.