Garment-textile is one of the industries to get a lot of benefits from the EVFTA (Source: VNA)Hanoi (VNA) - Minister of Industry and Trade Tran TuanAnh has signed Circular 11/2020/TT-BCT on rules of origin in the European Union– Vietnam Free Trade Agreement (EVFTA).
The circular would come into force on August 1, also the day the trade dealwould take effect.
Withfive chapters and 42 articles, the circular would be an important legalbasis for granting certificates of origin (C/O) for goods exported to theEU to enjoy preferential tariffs provided by the trade deal.
The early issuance of the circular on rules of origin, just a week after theNational Assembly approved the trade deal, was part of theministry’s action plan to improve the domestic legal framework to implement theEVFTA.
Under the circular, Vietnamese goods exported to the EU would be granted C/Oform EUR.1. The granting would be provided by agencies and organisationsauthorised by the Ministry of Industry and Trade.
Compared to other trade deals to which Vietnam is a member, the EVFTA’s rulesof origins had more new and complicated points.
According to the Import-Export Department, the circular is necessary forVietnamese firms to be able to take advantage of preferential tariffs from thefirst days the trade deal comes into force.
The ministry urged enterprises to study rules of origin carefully to havea proper understanding so as not to be confused.
The ministry would increase dissemination of the circular to the businesscommunity as well as State management agencies.
After eight years of negotiation, the EVFTA was signed on June 30, 2019 inHanoi. The trade deal was passed by the European Council on March 30 and by theVietnamese National Assembly on June 8./.
VNA
