Hanoi, June 8 (Xinhua) -- Vietnam's free trade agreement and investment protection agreement with the European Union were approved on June 8 by the Vietnam south conference. The two sides will gradually reduce or even cancel about 99% of tariffs in bilateral trade in goods.
According to the official website of the Vietnamese government, the Vietnamese parliament passed the resolution on Approving the Vietnam Europe free trade agreement with 94.62% of the vote on the same day, and passed the resolution on Approving the Vietnam Europe investment protection agreement with 95.45% of the vote.
The EU Council approved the Vietnam Europe free trade agreement earlier this year. The agreement is expected to enter into force in July this year after the two sides complete relevant formalities. The Vietnam Europe investment protection agreement still needs to be approved by EU Member States.
Vietnam is the second largest trade partner of EU in ASEAN, and EU is the second largest export market of Vietnam. Vietnam's main exports to the EU include telecommunications equipment, clothing, footwear and agricultural products, while the EU mainly exports electrical equipment, aircraft, automobiles and medical products to Vietnam.
