The ninth working day of the 14th National Assembly (NA)’s ninth session on June 8 was marked with the ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (EVIPA), along with the country’s membership of the International Labour Organisation (ILO)’s Convention 105. The ninth working day of the 14th National Assembly (NA)’s ninth session on June 8 was marked with the ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (EVIPA), along with the country’s membership of the International Labour Organisation (ILO)’s Convention 105.
This was also the first day of the ninth session lawmakers met in person at the NA’s building in Hanoi.
The sitting in the morning was also attended by the EU Ambassador to Vietnam and representatives of 18 EU countries’ embassies in Hanoi, namely France, Germany, Italy, Belgium, the Netherlands, Bulgaria, Romania, Ireland, Denmark, Greece, Spain, Austria, Sweden, Finland, the Czech Republic, Hungary, Poland and Slovakia.
After NA Chairwoman Nguyen Thi Kim Ngan reported on the outcomes of the ninth session’s online discussion from May 20 to 28, legislators voted on the resolutions ratifying the EVFTA, the EVIPA and the ILO’s Convention 105 (Abolition of Forced Labour Convention), which won the majority of support.
These activities were broadcast live by Radio The Voice of Vietnam, the Vietnam Television and the NA’s TV channel.
Besides, parliamentarians also agreed to supplement the ninth session’s agenda with the consideration of a draft resolution on the reduction of the corporate income tax that businesses, cooperatives, public service agencies and other organisations have to pay in 2020.
On behalf of the Prime Minister, Governor of the State Bank of Vietnam Le Minh Hung proposed the NA raise the charter capital at the Vietnam Bank for Agriculture and Rural Development. Chairman of the NA’s Committee for Economic Affairs Vu Hong Thanh delivered a verification report on this issue.
Minister of Planning and Investment Nguyen Chi Dung, on behalf of the PM, submitted a draft resolution on recognising and allowing the enforcement of rulings issued by dispute settlement agencies under the EVIPA. A verification report on this draft was later presented by Chairwoman of the NA’s Committee for Judicial Affairs Le Thi Nga.
In the afternoon, deputies held group discussions on several socio-economic issues.
The EVFTA received approval of 95.45 percent of voters, while the figure for EVIPA was 94.62 percent.
Both agreements were signed between Vietnam and the EU in Hanoi on June 30, 2019.
The NA’s resolution ratifying the EVFTA stipulates the direct application of the full trade pact excluding clauses 2, 3, 4, and 5 in Article 3.57 of Chapter 3. To carry out the excluded terms, the NA will issue a resolution on approving and allowing the enforcement of judgments by agencies handling investment conflicts under the agreement.
Full content of the EVIPA is also applied directly as stipulated by the resolution ratifying it. The pact is set to be applied to the UK from the time it taking effect to December 31 this year. The duration can be extended to a maximum of 24 months following the agreement between Britain and the EU on the withdrawal of the nation from the bloc.