The deal (full text here) is good news for both Vietnam and the EU. Vietnam has a growing economy of more than 90 million consumers and a growing middle class, making it a large potential market for EU exports of both goods and services. The deal is also important as it includes a chapter on sustainable development, promoting workers' rights and environmental protection. It can serve as a model for future deals with developing countries.
We also published an analysis on Human Rights and Sustainable Development aspects of the trade deal that gives an overview of important features of this new step in EU-Vietnam relationship. The EU works to promote human rights and sustainable development in a continuous dialogue with Vietnam and in close cooperation with civil society.
Before the FTA can enter into force, it has to be approved by the European Parliament and the Council of the EU. We publish the deal now, so that both the public and civil society can look at the deal and have the chance to debate it. Before the text can be sent to Council and Parliament for ratification, the text will have to be legally scrubbed and translated, a process that will soon be underway.
I am also happy that the deal contains all of the key provisions of the new Investment Court System that the EU has designed to replace the old ISDS system, which makes the text particularly interesting for those who are engaged in that debate.