EVFTA - New investment and business opportunities of EU enterprises in Vietnam

The online conference with the theme 'EVFTA officially takes effect - New investment and business opportunities for EU businesses in Vietnam' on September 25. (Source: Vietnamese Embassy in Singapore)

This is an opportunity for EU businesses to have a clearer view of the current Vietnamese market, in order to take advantage of the opportunity when the Free Trade Agreement between the European Union and Vietnam (EVFTA) is implemented.

Attending the seminar were Vietnamese Ambassador to Singapore Cao Thi Thanh Huong, Director of the EU-ASEAN Business Council Chris Humphrey and Chairman of the EU Chamber of Commerce in Vietnam Nicolas Audier, as well as representatives of the Ministry of Industry and Trade, the Ministry of Foreign Affairs of Vietnam, authorities, business associations and more than 100 EU business representatives in Singapore.

Currently, in Singapore, there are nearly 1,000 EU multinational enterprises headquartered. In the context of the trade war and the Covid-19 pandemic, many EU businesses have shown increasing interest in the Vietnamese market, especially after the EVFTA Agreement officially came into effect.

Speaking at the opening of the Conference, Ambassador Cao Thi Thanh Huong shared the economic achievements that Vietnam has achieved in the past decade such as Gross Domestic Product (GDP) growth has always been high - about 7% per year, inflation is low, the sustainable development index has improved rapidly, the reliability index of the banking system has changed from "stable" to "positive", the poverty rate has decreased...

In addition, the Ambassador also emphasized the growing economic relationship between Vietnam and the European Union (EU). Bilateral trade in 2019 reached 54.6 billion USD. The EU is currently the 5th largest investor in Vietnam with a total value of 24.67 billion USD in more than 2,200 projects.

The Vietnamese Ambassador to Singapore affirmed that the EVFTA will bring great opportunities to promote trade between the two sides, European companies will have more favorable business conditions in Vietnam. The EVFTA will also open an ideal gateway for EU companies to enter the Southeast Asian market with 655 million people.

The workshop focused on sharing with the EU business community about the business situation, investment environment, updated trade policies and Vietnam's preparations after the EVFTA takes effect.

The workshop also raised a number of topics that EU businesses are interested in such as the digital economy and e-commerce, technology and technology solutions in manufacturing, and access to the Vietnamese market for EU investors and businesses.

During the discussion session, the speakers spent time answering questions from EU businesses and advising businesses to better understand the Vietnamese market, trade and investment policy mechanisms, etc training for businesses and the latest plans for the implementation of EVFTA.