The EU-Vietnam Free Trade Agreement (EVFTA) text is a crucial document that outlines the terms and conditions of the trade deal between the European Union (EU) and Vietnam. The agreement aims to promote trade and investment between the two regions, benefiting both parties.

The trade agreement was signed on June 30, 2019, and it came into force on August 1, 2020. The agreement`s negotiations took more than two years to complete, and it covers a wide range of issues, including trade in goods and services, investment, intellectual property, and sustainable development.

One of the significant benefits of the EVFTA is the elimination of tariffs on 99% of goods traded between the EU and Vietnam. This means that products such as cars, machinery, and pharmaceuticals will be traded duty-free between the two regions. This will make it easier and more cost-effective for businesses to trade with each other, boosting economic growth and job creation.

Furthermore, the agreement aims to promote sustainable development by including commitments on labor rights, environmental protection, and the fight against climate change. This means that companies operating in Vietnam must adhere to international labor standards, and countries must implement environmental protection measures to reduce the impact of their economic activities on the environment.

The EVFTA text is a comprehensive agreement that includes provisions on investment protection and dispute settlement mechanisms. These mechanisms aim to provide investors with security and protection when investing in Vietnam and ensure that disputes between investors and countries are resolved in a fair and timely manner.

In conclusion, the EU-Vietnam Free Trade Agreement text is a game-changer for trade and investment between the two regions. It will boost economic growth, create jobs, and promote sustainable development. The agreement is a testament to the EU`s commitment to promoting free trade and to Vietnam`s efforts to integrate into the global economy.