European Council adopted a decision on the conclusion of the EVFTA

On March 30, 2020, European Council adopted a decision on the conclusion of the EU-Vietnam Free Trade Agreement (EVFTA). This is an important decision paves the path for the entry into force of the agreement.
When Vietnamese National Assembly ratifies the EVFTA, it will be entered into force.
Minister for Foreign and European affairs of Croatia, Mr Gordan Grlić Radman added: After Singapore, Vietnam is the second one EU are concluding an agreement with a Southeast Asia country. EVFTA is also the most ambitious free trade agreement ever concluded with a developing country.
This agreement is opening up new trading opportunities to increase trade and support jobs and growth on both sides, through
Eliminating 99% of all tariffsReducing regulatory barriers and overlapping red tape
Ensuring protection of geographical indications
Opening up services and public procurement markets
Making sure the agreed rules are enforceable
The FTA of EU and Vietnam also contains important provisions on intellectual property protection, labour rights and sustainable development. It includes commitments to implement International Labour Organisation core standards and UN conventions. It can be the fight against climate change or the protection of biodiversity, as we ever know.
The IPA – investment protection agreement – was signed at the same time as the FTA, on 30 June 2019, in Hanoi. This investment protection agreement will need to be ratified by all member states according to their respective national procedures before it can enter into force. It will replace the bilateral investment agreements that 21 EU Members States currently have in place with Vietnam after ratified.
The European Council adopted the decision on the conclusion of the EU-Vietnam FTA using a written procedure.