Circular stipulating C/O in EVFTA issued
17:28 | 24/06/2020

VGP – The Ministry of Industry and Trade has issued Circular No. 11/2020/TT-BCT stipulating the Certificate of Origin (C/O) in the EU-Viet Nam Free Trade Agreement (EVFTA).

The Ministry of Industry and Trade issues Circular No. 11/2020/TT-BCT stipulating the Certificate of Origin (C/O) in the EU-Viet Nam Free Trade Agreement (EVFTA).

The Circular, taking effect since August 1, 2020, creates a legal framework for items exported to the EU to be granted with preferential C/O as the EVFTA takes effect.

Accordingly, Viet Nam’s exports to the EU will be provided with C/O form EUR 1 and enjoy preferential tariff in line with the EVFTA.

Earlier on June 8, the National Assembly ratified the EVFTA and the EU-Viet Nam Investment Protection Agreement (EVIPA) at its plenary sitting.

The adoption of the trade and investment deals represents a great progress in the relations between the EU and Viet Nam on the occasion of the 30th anniversary of diplomatic ties between the two sides.

The two agreements are expected to forge a solid foundation for investment and trade opportunities between the two sides.

Viet Nam represents the second largest exporter, among the ASEAN members, to the EU.

Under the agreement, Viet Nam will cut 65% of import tax on EU commodities after the deal takes effect, while the rest will be erased over a 10-year period. Meanwhile, the EU will cut more than 70% of tariffs on Viet Nam’s commodities after the deal takes effect, while the rest will be abolished over the seven subsequent years.

By Thuy Dung

 

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