Companies will save up to CZK 900 million annually thanks to a free trade agreement (EVFTA) signed between the EU and Vietnam. Yesterday the EVFTA was ratified by the European Parliament. With the agreement in place, eventually business will be conducted without tariffs and other barriers between the two economies. “It is a very good agreement. For our export oriented economy, this type of cooperation with third party countries is extremely important,” said MEP Dita Charanzova (ANO).
Czech exports to Vietnam in 2018 hit over USD 140 million, up almost 33% from 2017 according to online newspaper Nhan Dan. Vietnam exports to the Czech Republic hit over USD 1 billion in 2018 for the first time in history. The free trade agreement will eventually make these goods cheaper to consumers in the Czech Republic.