Nearly 95% of National Assembly delegates approved the resolution ratifying EVFTA.

This morning (June 8), at the meeting hall, the National Assembly voted to pass the Resolution ratifying the Free Trade Agreement between Vietnam and the European Union (EVFTA). Accordingly, all National Assembly deputies present at the meeting hall voted in favor of ratifying the EVFTA.

EVFTA is expected to help Vietnam's GDP increase by an average of 2.18 to 3.25% (for the first 5-year implementation period), 4.57-5.30% (for the next 5-year period) and 7.07-7.72% (for the following 5-year period).

The EU is the world's second largest import market and is currently Vietnam's second largest export market (after the US). Through this Agreement, Vietnam can access a potential market with a population of more than 500 million people and a GDP of about 15,000 billion USD, accounting for 22% of global GDP.

Regarding imports, imports from the EU are expected to increase by about 33.06% in 2025 and 36.7% in 2030, focusing on a number of items such as vehicles and transport equipment, machinery and spare parts, phones and electronic components, and pharmaceuticals. EVFTA helps diversify our country's market so as not to be dependent on the limitations of some markets, and at the same time acts as a lever to stimulate other partners to strengthen trade and investment relations with Vietnam.

9th session (phase 1), 14th National Assembly. Photo: Quochoi.vn

Regarding investment, EVFTA is an opportunity for Vietnam to attract more investors from the EU in areas such as high-tech manufacturing and processing industry, clean energy, renewable energy, and services.

Regarding labor, EVFTA is expected to help increase about 146,000 jobs per year. Regarding budget revenue, the total revenue reduction from export tax and import tax reduction is expected to be over VND2,500 billion, but the increase in domestic revenue under the impact of investment, trade and economic growth is about VND7,000 billion in the 2020-2030 period./.