The current dynamism of these economic relations in the midst of the COVID 19 pandemic and the trade war between the United States and China indicates that ASEAN and Vietnam will increasingly be increasingly important partners for the United Kingdom in pursuing its post-Brexit economic recovery strategy. Vietnam`s accession to these trade agreements will also ensure alignment with national standards ranging from workers` rights to environmental protection. Both the CPTPP and the EVFTA require that Vietnam comply with International Labour Organization (ILO) standards. THEO`s Chan Lee said it was an opportunity for Vietnam to modernize its labour laws and industrial relations systems. Vietnam signed a fairly comprehensive bilateral trade agreement (BTA) with the United States in 2000. It came into force in 2001. The BTA was part of the post-war „trade normalization“ process between the two countries and was to be seen as the powerful precursor to a watertight U.S. free trade agreement. In June 2007, Hanoi and Washington signed a framework agreement on trade and investment, another step towards a possible free trade agreement.
And in December 2008, the two governments began negotiating a bilateral investment agreement (ILO), which is another. Singapore`s history could be an example from which Vietnam can learn. In 2018, however, Harvard University economist Dani Rodrik said in the Journal of Economic Perspective that if these free trade agreements increase the volume of trade, the distribution of these benefits is another matter: „A trade agreement that is covered by another set of special interests can make things worse as easily as it makes them better.“ He also wrote that „such an agreement can distract us from the effective outcome, even if it uses the cover of a free trade agreement and increases the volume of trade and investment. Rodrik stressed that the effects of free trade agreements are fundamentally uncertain and that protectionism is depending on them. Vietnam, which became the 150th member of the WTO in 2007, promised, after its accession, to fully comply with WTO agreements on customs assessment, technical barriers to trade (OTC) and health and plant health measures (SPS). The United States and Vietnam concluded a bilateral trade agreement (BTA) in 2000 that came into force in 2001. The free trade negotiations were officially concluded in Brussels in December 2015. The signing has yet to take place for the free trade agreement to enter into force. The legal review of the negotiated text is under way and is accompanied by a translation into the Vietnamese language and the official languages of the EU. The European Commission will then present a proposal for approval of the agreement to EU heads of state and government to the Council of Ministers.