A frog meat processing line for export to the EU at Tân Thành Lợi Company in the southern province of Long An. — Photo vietnamplus.vn

HÀ NỘI — The European Union (EU) – Việt Nam Free Trade Agreement (EVFTA) will officially take effect for both the EU and Việt Nam after the National Assembly ratifies and the two sides complete the notification procedures under the agreement.

The Ministry of Industry and Trade (MoIT) on Thursday said the country has been aggressively preparing for the approval process.

According to EU internal procedures, the EVFTA needs to be ratified by the European Parliament (EP) and then signed by the European Council to take effect.

On February 12, the EP voted to approve EVFTA with 63.35 per cent of the votes in favour. On March 30, the European Council also approved the agreement, completing the final legal procedure according to the internal EU approval process.

In Việt Nam, the Government has submitted the records for EVFTA implementation, prepared by the ministry to President Nguyễn Phú Trọng then the National Assembly for approval.

The ministry also sent the President's Office some additional information and documents for the submission of approval documents.

Recently, to serve the National Assembly's Foreign Affairs Committee in appraising and ratifying the EVFTA, the MoIT sent a dossier of submission for approval with all required contents as well as introductory information and explanations about the agreement.

The ministry has worked with the President’s Office and Government Office to complete the document for the approval of the EVFTA for discussion at the NA Standing Committee’s 44th meeting scheduled on April 20 before it is submitted to the NA.

It has also worked with the EU in building and completing the mechanism for granting tariff-rate quotas to Vietnamese rice with a quota tax rate of 0 per cent when exported to the EU.

The ministry has drafted the main contents of the plan to prepare for the implementation of EVFTA, defining the objectives, key tasks and the co-ordinating units to implement the plan.

The key tasks include disseminating information about EVFTA and EU markets; building laws and institutions; improving competitiveness and developing human resources; policies for trade union organisations and labourers at enterprises; social security policies, environmental protection and sustainable development.

Lương Hoàng Thái, director of the ministry’s Multilateral Trade Policy Department, said the MoIT’s implementation plan for the key tasks would be divided into two periods of 2020 and 2021-25.

According to research released by the Ministry Planning and Investment, the EVFTA will help Việt Nam’s export turnover increase by 20 per cent this year; 42.7 per cent by 2025 and 44.37 per cent by 2030 compared to without having the agreement. In addition, the import turnover from EU would also increase by 15.28 per cent in 2020; 33.06 per cent by 2025 and 36.7 per cent by 2030. — VNS