The TFUE provides for Vietnam`s commitment to the World Intellectual Property Organization (WIPO) as a means of preventing unauthorized access to creative works and protecting materials exchanged through digital networks, including the internet. In particular, Vietnam has committed to joining the WIPO Copyright Treaty (1996) and the Performance and Phonogram Contract (1996) within three years of the effective date of THE TUEFTA. According to reports, the Vietnamese government is in the process of completing its internal procedures and the necessary documents to accede to the two treaties. The TFUE also includes strict provisions for trademark protection, patents, designs, plant varieties and data protection (five years) for pharmaceutical, biological and agrochemical products. The APC regulates the overall relationship between the EU and Vietnam. It is based on common interests and principles such as equality, mutual respect, the rule of law and human rights. It broadens the scope of cooperation in areas such as trade, the environment, energy, science and technology, good governance, tourism, culture, migration, the fight against terrorism and the fight against corruption and organised crime. It also allows Vietnam and the EU to further strengthen cooperation on global and regional challenges, including climate change, terrorism and the non-proliferation of weapons of mass destruction. Considering that the UK is one of Vietnam`s largest export markets and is also one of the largest investors in the Netherlands, trade and investment from the UK should remain unresolved as long as markets manage the aftermath of Brexit. However, Vietnam sees opportunities if Brexit comes into play. The free trade agreement between the European Union and Vietnam has been in force since 1 August 2020. The aim is to simplify imports and exports by EU companies to and from Vietnam. For Vietnam itself, this allows us to be more closely linked to European trade and to open up important markets.
The new free trade agreement has therefore laid the groundwork for a better economic relationship to bring the EU and Vietnam closer together economically. Analysts hope the trade agreement will boost Vietnamese industries, such as manufacturing, which is recovering from the COVID 19 pandemic. The entry into force of TUEFTA comes amid growing global trade tensions with China. Combined with the ongoing COVID 19 pandemic, this has contributed to the growing trend of companies diversifying their supply chains, with Vietnam rapidly becoming the main beneficiary. The EU is already Vietnam`s second -largest destination for products. EMU will give new impetus to this important trade route and is an important step towards ending the security of EU investors and other global companies wishing to establish or develop trade relations between Vietnam and the EU, as well as the basis for creating fair and effective trading conditions. One of the most important criteria is the strengthening of Vietnam`s economic power. This is why around 65% of current free trade rights will be completely abolished, allowing the EU to export more to Vietnam.
The remaining 35% of tariffs will be abolished over the next ten years, including, for example, parts of wine, beef or automobiles.