In the area of investment protection, the two sides have already achieved much, including an agreement on important safeguards such as national treatment and agreements on the main rules for the substantive protection of investments. A permanent mechanism for the settlement of investment disputes is established through the establishment of an independent investment judiciary One of the main criteria is the increase in Vietnam`s economic strength. This is why around 65% of the current free trade rights will be completely abolished, allowing the EU to export more to Vietnam. The remaining 35% of tariffs will be eliminated over the next ten years, including wine, beef and car parts. Like the provisions of the World Trade Organization (WTO), NAFTA is a comprehensive and beneficial agreement for Vietnam and the EU. The agreement will remove “99% of its import duties over 10 years and the EU will do the same over seven years”. Vietnam will remove 49% of its import duties on EU exports and the rest will expire over 10 years. The EUA commits Vietnam and the EU (if this has not yet been done) to ratify the eight core Conventions of the International Labour Organisation (ILO); (ii) respect, promotion and effective implementation of ILO principles of fundamental rights in the workplace; and (iii) the implementation of the Paris Agreement and other international environmental conventions, including the promotion of the conservation and sustainable management of wildlife, biodiversity, forestry and fisheries. This will involve an independent civil society in monitoring the implementation of these commitments by both parties. Vietnam has already taken some steps to meet its obligations, including the ratification in June 2019 of ILO Convention 98 on Collective Bargaining, the adoption of a revised Labour Code in November 2019, and the adoption of a resolution allowing Vietnam to accede to ILO Convention 105 on the Abolition of Forced Labour in June 2020. In addition, the IASIA includes geographical indications (“geographical indications”) that relate to names or signs used on products corresponding to a given origin or geographical location. Under the agreement, Vietnam will recognise and protect 169 EU GIs (e.g. B for certain EU wines and cheeses) and the EU will protect 39 Vietnamese GIs (including certain coffees, teas and sauces).
The process of ratifying the new free trade has also been the fact that improving trade also implies an improvement in the social situation. As far as possible, it should be launched before entry into force in order to consider improving the situation step by step. In this way, trade and change are linked in such a way that the Vietnamese economy can benefit from increased exports while having access to European products and products. NAFTA is seen as a next-generation bilateral agreement – it contains important provisions on intellectual property rights (IP), investment liberalization and sustainable development. These include the obligation to implement international labour organisation (ILO) standards and the UN Climate Change Convention. Analysts hope the trade deal will give an urgent boost to Vietnamese industries, such as manufacturing, as it wants to recover from the COVID-19 pandemic. . .