On 8 June, the National Assembly passed the Resolution on ratification of the EVFTA and the EVIPA. The EVFTA was ratified by the EU on 30 March. The EVFTA will enter into force on the first day of the second month following the date on which Vietnam and the EU have notified each other of the ratification.
Accordingly, the EVFTA is expected to come into force by August 2020. The EVFTA will be valid with the UK till the end of 2020 and may be extended for 24 months in accordance with any agreement regarding Brexit between the EU and the UK. Enterprises need to prepare for the implementation of this important free trade agreement by proactively looking at the eligibility of their goods for the applicable rules of origin and considering possible changes to supply chains to benefit from the EVFTA.