The National Assembly passed resolutions ratifying the EU – Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA) at its ongoing ninth session in Hanoi on June 8.
Lawmakers passed the resolutions ratifying the EVIPA at an approval rate of 94.62 percent (Photo: VNA)
The EVFTA received approval of 95.45 percent of voters, while the figure for EVIPA was 94.62 percent.
Both agreements were signed between Vietnam and the EU in Hanoi on June 30, 2019.
The NA’s resolution ratifying the EVFTA stipulates the direct application of the full trade pact excluding clauses 2, 3, 4, and 5 in Article 3.57 of Chapter 3. To carry out the excluded terms, the NA will issue a resolution on approving and allowing the enforcement of judgments by agencies handling investment conflicts under the agreement.
Full content of the EVIPA is also applied directly as stipulated by the resolution ratifying it. The pact is set to be applied to the UK from the time it taking effect to December 31 this year. The duration can be extended to a maximum of 24 months following the agreement between Britain and the EU on the withdrawal of the nation from the bloc.