Free Trade Agreement Europe Vietnam

Previously, recycled products were considered « used » by Vietnam and were generally not imported. However, the text of the agreement allows the importation of recycled products and will open up trade in high-quality products such as medical devices and auto parts to the after-sales market. Vietnam may continue to restrict certain used goods under the most privileged conditions (MFN). These trade agreements will benefit both parties and foreign investors will be able to take advantage of opportunities to invest in Vietnam. But it is still too early to conclude the positive effects of these agreements. The spotlight will now shift to how the potential benefits and losses for both parties translate into reality and on those who could earn the most. At the regional level, Vietnam is now the EU`s second largest trading partner among all ASEAN members – surpassing its regional rivals Indonesia and Thailand in recent years. Increased trade between the EU and Vietnam also helps strengthen ASEAN`s position as the EU`s third largest trading partner. In addition, the TFUE includes geographic indications (GIs) of names or signs used on products corresponding to a specific origin or geographic location. As part of the agreement, Vietnam will recognise and protect 169 g G of the EU (for example. B for some EU wines and cheeses) and the EU will protect 39 Vietnamese GIs (including specified coffees, teas and sauces). The agreement will add new GIs in the future. The TFUE provides for Vietnam`s commitment to the World Intellectual Property Organization (WIPO) as a means of preventing unauthorized access to creative works and protecting materials exchanged through digital networks, including the internet.

In particular, Vietnam has committed to joining the WIPO Copyright Treaty (1996) and the Performance and Phonogram Contract (1996) within three years of the effective date of THE TUEFTA. According to reports, the Vietnamese government is in the process of completing its internal procedures and the necessary documents to accede to the two treaties. The TFUE also includes strict provisions for trademark protection, patents, designs, plant varieties and data protection (five years) for pharmaceutical, biological and agrochemical products. In addition, the EU grants market access preferences to several Vietnamese industries. Import duties on textile clothing imported into the EU will have five to seven years of operating time for more sensitive items between five and seven years and, when it comes into force, for less sensitive products. The EU mainly proposed duty-free tariff quotas for Vietnamese rice exports.