Vietnam Eu Trade Agreement
Under the EUFTA Competition Chapter, Vietnam and the EU agree to maintain competition law and to ensure that competent authorities apply those laws in a non-discriminatory and transparent manner. In order to subordinate anti-competitive conduct and encourage the procedure, the agreement obliges the parties not to enter into agreements that could restrict or distort the examination or competition of a potential merger and acquisition. The PCA provides that human rights, democracy and the rule of law are “essential elements” in the overall relationship between the EU and Vietnam. Therefore, the link between the Free Trade Agreement and the PCA is important to ensure that human rights are also part of the trade relationship between the parties. Read more: EU signs free trade agreement with Vietnam Read more: Poland gives EU unlikely boost to Vietnamese trade ALER also largely supports sustainable infrastructure development, including preference for the use of renewable energy and energy-efficient goods and services. A specific chapter on non-tariff barriers and investments in renewable energy production contains specific rules on licensing and authorisation procedures, compliance with existing international standards and requirements for local content. A pioneering new free trade agreement between Vietnam and the European Union entered into force on 1 August 2020. In the area of intellectual property rights, Vietnam is committed to achieving a high level of protection that goes beyond the standards of the WTO TRIPS Agreement. This agreement better protects EU innovations, works of art and trade marks against illicit copying, including through stricter enforcement rules. Under CEFTA, the EU provides for the same thresholds that it applies under the WTO Agreement on Government Procurement (`GPA`) and other free trade agreements, while Vietnam enjoys a transitional period of 15 years during which it provides for higher thresholds. Both the EU and Vietnam commit to opening up public procurement, both sub-central and otherwise, as set out in the annexes to the agreement. In particular, with certain exceptions, the EU undertakes to open the same central government bodies as under the WTO GPA.
Vietnam is committed to opening procurement processes for 20 central government agencies, including several ministries, departments and sub-authorities, 2 sub-central government agencies (Hanoi City and Ho Chi Minh City) and 42 “other covered entities”, including Vietnam Railways and Vietnam Electricity.2 Singapore is the only other Southeast Asian country to have signed a free trade agreement with the EU. The European Union`s free trade agreement with Vietnam (NAFTA) entered into force on 1 August and paved the way for increased trade between the EU and Vietnam. Vietnam on Monday ratified a pioneering free trade agreement with the European Union, aimed at reviving the country`s economy, as it wants to manage the coronavirus crisis.