Hanoi (VNA) – Major newspapers of German and Austria ranarticles on June 8 highlighting the Vietnamese National Assembly (NA)’sratification of the EU-Vietnam Free Trade Agreement (EVFTA) during its ongoingninth session.

Süddeutsche Zeitung (SZ) newspaper said Vietnamese NA deputiesagreed to ratify the EVFTA – the most comprehensive agreement the EU has everconcluded with a developing country and the second between the bloc and aSoutheast Asian nation.

Since the European Parliament (EP) approved the agreement inFebruary, it can enter into force in early August, according to the article.

Initially, around two-thirds of all tariffs will be removed underthe EVFTA, and after seven to 10 years, almost all goods will be exempted fromtaxes, it said.

Handelblatt newspaper also said the Vietnamese legislature’sratification of the EVFTA would help eliminate tariffs imposed on most of theemerging Asian nation’s exports to the EU.

Meanwhile, Frankfurt newspaper said trade experts from the EP haveapplauded the Vietnamese legislature’s final approval of the EVFTA after eightyears of negotiations.

It quoted Bernd Lange, Chairman of the EP’s International TradeCommittee, as saying that with the decision by Vietnam, the EU can initiatechanges through tightening the bilateral ties.

The EP’s EVFTA rapporteur Geert Bourgeois was also quoted by thenewspaper as saying that this is a great opportunity for European exporters andinvestors.

Meanwhile, the website of the Austrian Economic Chambers said withthe EVFTA ratified in Vietnam, Austrian firms will find it easier to access theSoutheast Asian market.

Vietnam’s economy growth exceeded 7 percent, the article noted,adding that it is a network economy that has competitiveness, with the growingmiddle class and young, dynamic workforce.

Vietnam will be a centre of technologies and a start-up incubatorin Asia, it stressed.

The same day, Reuters news agency also ran an article titled“Vietnam ratifies free trade deal with the EU”, saying the agreement will open up Vietnam’s services, including post, bankingand shipping and public procurement markets.

The World Bank said in May the EVFTA could boostVietnam’s gross domestic product and exports by 2.4 percent and 12 percentrespectively by 2030 and lift hundreds of thousands of people out of poverty,according to the article.

Such benefits are particularly urgent to lock inpositive economic gains as the country responds to the COVID-19 pandemic, thebank reportedly said./.