Vietnam, EU to ink free trade agreement

The European Union-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement will be signed on Sunday in Vietnam's capital Hanoi, local media reported on Wednesday.

After the agreements take effect, over 99 percent of tariffs on goods from both sides will be lifted, daily newspaper Vietnam News reported. Vietnam will remove 65 percent of import tariffs on goods from the EU. Remaining tariffs will be removed in the next decade.

The Council of the European Union, which represents the executive governments of EU member states, approved the two agreements on Tuesday, paving the way for the signature and conclusion.