Vietnam, Britain sign free trade deal, to take effect 31 Dec.

Britain and Vietnam signed a free trade agreement on Tuesday, Vietnamese state media reported, days before Britain completes its transition out of the European Union.

The deal, which will for Britain replace the existing EU-Vietnam Free Trade Agreement (EVFTA), will take effect on Dec. 31, the official Vietnam News Agency reported.

The free trade agreement with Britain has the same provisions as those of EVFTA, the report said. EVFTA came into effect in August and was due to cut or eliminate 99% of tariffs on goods traded between Vietnam and the EU.