EU and Vietnam set to sign free trade agreement

The trade agreement will eliminate nearly all customs duties on goods traded between the two sides.

The European Union (EU) and Vietnam will sign trade and investment agreements in Hanoi on Sunday June 30.

The trade agreement will eliminate nearly all customs duties on goods traded between the two sides in a progressive way that fully respects Vietnam’s development needs.

The agreement also contains specific provisions to remove technical obstacles, such as those in the automotive sector.

Vietnam is the EU’s second largest trading partner in the ASEAN region after Singapore. Main EU imports from Vietnam include telecommunications equipment, footwear and textiles, furniture and agricultural products. The EU mainly exports to Vietnam goods such as machinery and transport equipment, chemicals and food and beverages.