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- Negotiations and agreements
The European Union and Vietnam signed a Trade Agreement and an Investment Protection Agreement on 30 June 2019.
The agreements provide opportunities to increase trade and support jobs and growth on both sides by:
- Eliminating 99% of all tariffs;
- Reducing regulatory barriers and overlapping red tape;
- Ensuring protection of geographical indications;
- Opening up services and public procurement markets, and;
- Making sure the agreed rules are enforceable.
The European Parliament gave its consent to both Agreements on 12 February 2020 and the Free Trade Agreement was concluded by EU Member States in the Council on 30 March 2020.
The Trade Agreement entered into force on 1 August 2020.
The Investment Protection Agreement will enter into force when it is ratified by all EU Member States. As of the end of October 2023, 16 EU Member States had ratified it.
About the agreement
EU-Vietnam in your town
On 8 February, Vietnam extended the validity of existing marketing authorisations of pharmaceutical products until 2024. For the next two years, EU exporters of pharmaceuticals will thus avoid having to go through complex procedures for the renewal of their marketing authorisation.
The EU welcomes the removal by Vietnam, as of today, of discrimination against a number of EU Member States' regulatory authorities for pharmaceutical products.
EU exports to Vietnam will be taxed less as of tomorrow, 1 August. This is the immediate effect of the entry into force of the EU-Vietnam trade agreement that will ultimately scrap duties on 99% of all goods traded between the two sides.