Last updated: Wednesday, March 29, 2017
European Enterprises Upbeat about VN’s Business EnvironmentPosted: Tuesday, March 07, 2017
The European Chamber of Commerce in Vietnam (EuroCham) praised the Vietnamese Government for close supervision of FDI and forecast that the FDI inflows would continue to surge in the future.
The EuroCham on March 2 in Ha Noi announced the official launch of the 9th edition of its annual publication: Whitebook 2017, a concise view of key concerns affecting European businesses in Vietnam in regards to trade, investment, growth and employment.
This was the 9th edition of EuroCham’s annual advocacy publication on trade and investment issues and recommendations.
Accordingly, European enterprises hailed Vietnam for legal adjustments, population boom in golden period; rapid growth rates of GDP per capita (about 12.9 per cent in 2012-2020).
The WhiteBook said that Vietnam serves as a bridge in the ASEAN region and was selected by a large number of foreign investors to provide goods and services for Mekong and far-reaching regions.
The legal system facilitated market access of foreign investors even beyond WTO commitments as foreign investors were permitted to hold a maximum of 49 per cent of stake of a public joint stock company. In addition, the country applied investment incentives such as tax cuts in high-tech fields, environmental technology, and agriculture.
Moreover, Vietnam promulgated a list of banned business and investment areas.
Since July, 2015, a series of laws and regulations on foreign investment, enterprises, real estate, foreign ownership took effect. The business environment has been unceasingly improved.
The WhiteBook also quoted a report of the World Economic Forum (WEF) in 2016-2017 period as saying that Vietnam ranked 60th out of 138 economies. The rating was better in comparison with the 2014-2015 period, showing signs of stability and development.
However, EuroCham experts also mentioned recommendations, including slow issuance of guiding documents; unhurried handling of investment dossiers. FDI investors still found it difficult to access to the administrative system.
Mr Bruno Angelet, Ambassador-Head of the EU Delegation to Vietnam commented: “I welcome and strongly support the launch of the EuroCham's Whitebook. 2017 marks a milestone year for the relations between Vietnam and the European Union. This is the year that requires the greatest endeavor from both sides to make the best preparation for the future implementation of the bilateral EU- Vietnam FTA. The publication offers an important vehicle to convey the concerns, problems and suggested solutions of the business community to the authorities in this important context."
Mr Michael Behrens, EuroCham Chairman said: “I am proud to present the 9th edition of our Whitebook. This publication is the materialization of EuroCham’s rationale: advocacy, compiling our yearly work of building bridges between business and government. The Whitebook gathers key recommendations from the European business community in Vietnam. It is a collective message that cuts across industries and companies, providing an accurate illustration of the expectations and recommendations of EuroCham members and partners”.