The agreements must now be ratified by the Vietnamese National Assembly and EU member states in the case of the Investment Protection Agreement. The benefits of free trade agreements will enable Vietnam`s economic development to continue to move from the export of low-tech manufacturing products and primary products to more complex high-tech products such as electronics, machinery, vehicles and medical devices. Trade and investment agreements develop the commercial dimension of bilateral relations BETWEEN the EU and Vietnam, which are grounded and governed by the EU-Vietnam Framework Agreement on Partnership and Cooperation, which came into force in October 2016. The free trade agreement between the European Union and Vietnam has been in force since 1 August 2020. The aim is to simplify imports and exports by EU companies to and from Vietnam. For Vietnam itself, this allows us to be more closely linked to European trade and to open up important markets. The new free trade agreement has therefore laid the groundwork for a better economic relationship to bring the EU and Vietnam closer together economically. At this stage, free trade between the EU and Vietnam is a sign of improved international economic relations. This cooperation aims to protect the rights of the different actors in both environments by recognising reciprocal norms. It also provides more comfort and less danger for local workers in their daily lives, so they can do their jobs properly and fairly.

The EU and Vietnam have agreed to strengthen the disciplines of the WTO Agreement on Technical Barriers to Trade (OTC). In particular, Vietnam is committed to strengthening the enforcement of international standards in the development of its regulations. The agreement also contains a chapter on health and plant health measures (SPS), which specifically aims to facilitate trade in plant and animal products, in which the parties have agreed on a number of important principles such as regionalisation and the recognition of the EU as a single unit. These provisions will facilitate access to the Vietnamese market by EU companies that manufacture a large number of products, including electrical appliances, information technology and food and beverage products. The EU`s bilateral trade and investment agreements with Vietnam in March 2020 and the trade agreement are expected to enter into force this summer, following Vietnam`s final ratification. The agreements with Vietnam are the second (after those with Singapore) between the EU and a South-East Asian country and are springboards for stronger engagement between the EU and the region. The free trade agreement establishes a framework for resolving future disputes between the EU and Vietnam over the interpretation and implementation of the agreement.