The TFUE marks the second comprehensive trade agreement between ASEAN and the EU and could well serve as a model if the EU decides to pursue free trade agreements (“FTAs”) with other ASEAN countries or with ASEAN as a regional bloc in the future. With TUEFTA, Vietnam is expanding its free trade agreement to another strategic economic and trade partner. Vietnam currently has bilateral free trade agreements with Japan, South Korea, Chile and the Eurasian Economic Union (of which Russia is a member). It is also a party to six regional free trade agreements concluded by ASEAN member states with China, Hong Kong, India and other countries and is a party to the Comprehensive and Progressive Trans-Pacific Partnership (PPC) agreement, which includes Australia, Canada, Mexico and New Zealand. If these services meet international standards, Vietnam will have the opportunity to export quality services, which will not only increase the value of exports, but will also improve export efficiency and thus contribute to the improvement of its trade balance. EVFTA is the most comprehensive and ambitious trade and investment agreement the EU has ever concluded with a developing country in Asia. This is the second agreement reached after Singapore in the ASEAN region and will strengthen bilateral relations between Vietnam and the EU. Vietnam will have access to a potential market of about 446 million people and a total GDP of $13.918 billion. On 30 June 2019, EU Trade Commissioner Cecilia Malmstrom signed in Hanoi with Romanian Economy Minister Stefan-Radu Oprea, who represents the EU, EVFTA and EVIPA in Hanoi, along with Prime Minister Nguyen Xuan Phuc and Vietnamese heads of government. The Prime Minister expressed his conviction that the European Parliament, the parliaments of the EU Member States and the Vietnamese National Assembly would soon ratify EVFTA and EVIPA. The trade and investment agreements were approved by the European Parliament on 12 February. The EU Council of 30 March 2020 has approved NAFTA, so the implementation of the ALEC is imminent if the Vietnamese National Assembly agrees at its May session, meaning that it will be possible for EVFTA to enter into force in early summer.
It will take longer before EVIPA comes into force, as this agreement depends on the approval of the parliaments of the Member States. On 8 June, the Vietnamese National Assembly approved the agreements by an overwhelming majority, with 457 deputies for the free trade agreement and 462 for the IAP. According to some Vietnamese newspapers, the agreements could come into force in July. At the most fundamental level, the agreements will promote jobs and growth between Vietnam and the EU. The agreements will gradually reduce most tariffs, regulatory barriers and bureaucracy, and encourage EU entrepreneurs to do business and invest in Vietnam. The TFUE is expected to remain in force until the end of the year, while the UK (UK) is still in a customs union with the EU. The situation from 1 January 2021 will depend on the decision of the United Kingdom and Vietnam to agree on their own bilateral agreement, although this is unlikely in the short term, given that Vietnam is not one of the UK`s priority free trade countries (including the EU, the United States, Japan, Australia and New Zealand).