Prime Minister Nguyen Xuan Phuc presides over a video conference on the action plan to implement the Viet Nam-EU free trade agreement (EVFTA) which took effect since August 1. 

At the video conference. Photo: VGP

Attendants to the event include Deputy Prime Minister, Foreign Minister Pham Binh Minh, several Cabinet ministers and leaders of all 63 provinces and cities.

The EVFTA is expected to create a major push for Vietnam’s exports, helping diversify the country’s exports and markets.

Prime Minister Nguyen Xuan Phuc and Deputy Prime Minister and Foreign Minister
Pham Binh Minh shake hands with delegates to the conference. Photo: VGP

Under the agreement, Vietnam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased in a 10-year period.

Meanwhile, the EU will cut more than 70% of tariff on Viet Nam’s commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years.

Business representatives are also present at the conference. Photo: VGP

The document, together with the EU-Vietnam Investment Protection Agreement, was signed in Ha Noi on June 30 last year.

They include intensive, extensive and comprehensive commitments covering the fields of economy, trade, investment and sustainable development issues./.