VGP – Top legislator Nguyen Thi Kim Ngan said the National Assembly will conduct ratification of the Viet Nam-EU free trade agreement (EVFTA) at its working session at the end of this year during her reception for the European Union Commissioner for Trade Cecilia Malmstrom in Ha Noi on Monday.

Chairwoman of the National Assembly Nguyen Thi Kim Ngan hosts reception
for European Union Commissioner for Trade Cecilia Malmstrom at the Legislature
Heaquarters in Ha Noi on July 1, 2019. Photo: VGP

Ngan also pledged Viet Nam will continue improving legal system to implement the EVFTA and the investment protection agreement (EVIPA) which were signed in Ha Noi on June 30.

She spoke highly of the efforts made by the EU and Ms. Malmstrom in promoting the signing of the trade and investment deals.

Meanwhile, Malmstrom stated the signing reflects a remarkable progress in the relations between Viet Nam and the EU, helping to reinforce the bilateral partnership and comprehensive cooperation.

The agreements are set to bring unprecedented benefits for European and Vietnamese companies, consumers and workers, while promoting respect for labor rights, environmental protection and the fight against climate change under the Paris Agreement, according to the EU side.

The EVFTA is expected to help increase Viet Nam’s GDP by 2.18-3.25% in the 2019-2023 period, and 4.57%-5.03% in the following five years.

The Vietnamese Ministry of Planning and Investment estimated that Viet Nam’s exports to the EU is projected to grow by 20% by 2020; 42.75 by 2025; and 44.37% by 2030./.