Vietnamese lawmakers adopted resolutions ratifying the European Union (EU)-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) during a plenary sitting of the 14th National Assembly (NA)'s ninth session in Hanoi on the morning of June 8.
Specifically, 457 out of the 457 NA deputies in attendance, equivalent to 94.62% of the total number of deputies, voted in favour of the EVFTA, while the EVIPA won approval from 461 out of the 462 participating deputies, equal to 95.65% of the total.
The NA assigned the Government to direct the ministries and sectors concerned to complete foreign affairs procedures on the ratification of the pacts and notify the time when they come into force with Vietnam.
The ratification of the EVFTA and the EVIPA marks a significant advancement in the relations between Vietnam and the EU while continuing to affirm Vietnam's important role and geo-political position in the region and the world.
The EVFTA is the EU's second deal with a member of the Association of Southeast Asian Nations (ASEAN), after Singapore, and is one of few the bloc has signed with a developing country.
The agreement is expected to help increase Vietnam's gross domestic product (GDP) by an annual average of 2.18-3.25% in the first five years of implementation, 4.57-5.30% in the next five years, and 7.07-7.72% in the five years after that.