Free Trade Agreements Vietnam
The AECE contains Vietnam`s commitment to the World Intellectual Property Organization (WIPO) to prevent unauthorized access to creative works and to protect materials exchanged via digital networks, including the Internet. In particular, Vietnam undertook to cooperate with the WIPO Copyright Treaty (1996) and the Music and Phonograms Treaty (1996) within three years of the entry into force of AICE. It would appear that the Vietnamese government is completing its internal procedures and the necessary documents for accession to both treaties. The IASIA also includes strict provisions on trademark, patent, design, plant variety and data protection (five years) for pharmaceutical, biological and agrochemical products. Vietnam can also use institutional reforms and bilateral cooperation mechanisms and once again confirm to investors that it is the regional investment center for the improvement of technology, human resources and labor productivity. Vietnam`s Ministry of Commerce said signing these agreements will create opportunities to participate in the restructuring of new supply chains amid the effects of the coronavirus pandemic. On 30 June 2020, the European Union (EU) and Vietnam signed a Free Trade Agreement (FTA) 1 and an Investment Protection Agreement. The free trade agreement will enter into force on 1 August 2020 and will liberalise most of the import tariffs levied by the EU and Vietnam on products from the other country. The EU will liberalise 71% of its imports from Vietnam upon entry into force and 99% after seven years. When it enters into force, Vietnam will liberalise 65% of its imports from the EU, and the rest of the trade, with the exception of certain products, will be liberalised after 10 years. Under the EUFTA Competition Chapter, Vietnam and the EU agree to maintain competition law and to ensure that competent authorities apply those laws in a non-discriminatory and transparent manner. In order to subordinate anti-competitive conduct and encourage the procedure, the agreement obliges the parties not to enter into agreements that could restrict or distort the examination or competition of a potential merger and acquisition.
The ALER is the second comprehensive trade agreement between an ASEAN member country and the EU and can be used as a model if the EU decides to pursue free trade agreements (“FTAs”) with other ASEAN countries or with ASEAN as a regional bloc in the future. With the AECE, Vietnam is expanding its IPR network to another strategic economic and trading partner. Vietnam currently has bilateral free trade agreements with Japan, South Korea, Chile and the Eurasian Economic Union (of which Russia is a member). It is also a party to six regional free trade agreements concluded by ASEAN member states with China, Hong Kong, India and other parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes Australia, Canada, Mexico and New Zealand. Singapore has experienced economic growth since the signing of its free trade agreements. These agreements have helped local businesses and investors access overseas markets, raise their products faster and easier, and benefit from tariff concessions, preferential access to certain sectors and IP protection. According to a study by Singapore`s Ministry of Trade and Industry, businesses saved about $730 million in tariffs and bilateral trade increased by $9.7 million and two-way investment increased 26-fold. . . .