The Vietnamese National Assembly has issued resolutions which officially approves the the Vietnam-EU Free Trade Agreement (EVFTA) and the European Union-Vietnam Investment Protection Agreement (EVIPA) after originally being signed on June 30, 2019, in Hanoi
They propose that competent agencies promptly amend, supplement, or promulgate new laws, thereby ensuring the consistency of the legal system, effectively implementing them in accordance to a roadmap aimed at realising the commitments agreed to in the two agreements.
The Prime Minister will be responsible for organizing the implementation of the deals, thereby approving and directing relevant central and local agencies and organisations to devise implementation strategies relating to the agreements.
The country must therefore prepare its resources as a means of effectively utilizing the opportunities and advantages brought about by the EVFTA and the EVIPA. It can be considered essential to formulate and properly implement measures aimed at preventing the adverse impacts that may arise throughout the implementation process, while minimizing disputes with investors, with the Vietnamese side being the defendant.
The resolutions also emphasize the need to propagate and spread information regarding the contents of the Agreements in a timely manner in order to create awareness about the actions of the political system among enterprises and people.
It is necessary to regularly review and provide an evaluation of the results and effectiveness of the implementation of commitments signed in the two trade pacts whilst annually producing a report to the National Assembly on the implementation of the deals.
The Government will direct all concerned ministries and sectors to complete external procedures concerning the ratification of the agreements and will notify them when the trade deals become effective in the nation.