TUEFTA contains Vietnam`s commitment to the World Intellectual Property Organization („WIPO“) as a means to prevent unauthorized access to creative works and to protect material exchanged over digital networks, including the Internet. In particular, Vietnam has undertaken to accede to the WIPO Copyright Treaty (1996) and the Performances and Phonograms Treaty (1996) within three years of the entry into force of THE TEUFTA. According to reports, the Vietnamese government is completing its internal procedures and the necessary documents for accession to the two treaties. TEUFTA also contains strict provisions to protect trademarks, patents, designs, plant varieties and data protection (five years) for pharmaceutical, biological and agrochemical products. Vietnam has one of the highest public investment-to-GDP ratios in the world (39% per year from 1995). [8] However, Vietnam has not yet accepted that its government procurement is covered by the WTO Agreement on Government Procurement (GPA). [9] Vietnam committed to this for the first time under the EVFTA. EVFTA has created sustainable growth and mutual benefits in different sectors and is an effective tool in all respects to balance eu-Vietnam trade relations. Vietnam is making continuous efforts and progress to meet the high standards of the EVFTA and is currently offering greater opportunities for foreign companies entering the Vietnamese market. Now is the time for foreign investors to implement their business and investment plans and take advantage of these incredible opportunities. Get inspired by some of the small businesses that are eagerly awaiting the EU-Vietnam trade deal Meanwhile, the EU has agreed to abolish tariffs on 84% of tariff headings and 71% of their trade value for goods imported from Vietnam from August 1, 2020. Within seven years of the entry into force of the implementation, more than 99% of the tariffs for Vietnam will be abolished.
This is a larger reduction compared to the 95% of tariff lines that the former TPP countries offer to Vietnamese imports. In the ASEAN region, Vietnam is the leading exporter of goods to the EU. However, the market share of Vietnamese products in the EU remains low. As a result of evFTA, the sectors that will benefit most will be the main export sectors that were previously subject to high EU tariffs, including textiles, footwear and agricultural products. The EU is also a good point for Vietnam to reach more markets. The EVFTA is seen as a model for the conclusion by the EU of free trade agreements with various ASEAN countries with the ultimate aim of concluding a free trade agreement from one region to another once there is a sufficient critical mass of agreements with the various ASEAN countries. [7] This process could take about 10 to 15 years. Therefore, Vietnam should use this window of opportunity before free trade agreements are concluded with others in the region and enter into force to become a regional center. The Trade and Investment Agreements develop the trade dimension of bilateral relations between the EU and Vietnam, which are based on the EU-Vietnam Framework Agreement on Partnership and Cooperation (PCA), which entered into force in October 2016.
The obligations of the FTA in the area of public procurement mainly concern the obligation to treat EU bidders or national bidders with EU investment capital in the same way as Vietnamese bidders when the government purchases goods or requests a service worth above the established threshold. Vietnam is committed to the general principles of national treatment and non-discrimination. It will publish information on planned public procurement and post-procurement information in Bao Dau Thau (Public Procurement Journal)[10] as well as information on the procurement system in muasamcong.mpi.gov.vn and in the Official Journal in due course. It will also allow suppliers sufficient time to prepare and submit requests to participate in reactive tenders and to maintain the confidentiality of tenderers The FTA also obliges its parties to evaluate tenders on the basis of fair and objective principles, to evaluate and award tenders solely on the basis of the criteria set out in the notices and tender documents, and establish effective complaint resolution and dispute resolution. [11] These rules oblige parties to ensure that their tendering procedures respect the obligations and protect their own interests, thus helping Vietnam to solve its problem of winning bids from cheap but inferior service providers. This issue is now addressed in the EVIPA. In the case of investment disputes (e.g. B expropriation without compensation or discrimination of investments), an investor may submit the dispute to the Investment Court for resolution.
In order to ensure fairness and independence in dispute settlement, a permanent court will be composed of nine members: three nationals each appointed by the EU and Vietnam and three third-country nationals. Cases are heard by a court of three persons, chosen at random by the President of the Court of Justice. This should also ensure consistent decisions in similar cases and thus make dispute settlement more predictable. EVIPA also admits a single member of the Tribunal if the claimant is a small or medium-sized enterprise or if compensation for damages is relatively low […].