Trade Potential and Investment Opportunities between ASEAN and EU

In conjunction with the 19^th ASEAN Economic Ministers Retreat organised in Hanoi from March 7 to 9, 2013, the Vietnam Chamber of Commerce and Industry (VCCI), in collaboration with the Vietnamese Ministry of Industry and Trade, the European Union Delegation in Vietnam, and the European Chamber of Commerce in Vietnam (EuroCham), held the third ASEAN - EU Business Summit (AEBS), drawing about 500 EU, ASEAN and Vietnamese companies.

The summit is a very high profile event, enabling the ASEAN and European business communities to discuss opportunities and challenges in the region and provide concrete recommendations for how to further improve the business environment. Specially, this year’s event has the attendance of Vietnamese Prime Minister Nguyen Tan Dung, European Trade Commissioner Karel de Gucht, Vietnamese Minister of Industry and Trade Vu Huy Hoang, and ASEAN Secretary General Le Luong Minh.

Given the current context, it is important to organise big events to introduce business cooperation opportunities and support Vietnamese businesses to meet with regional and global partners. Thus, the summit introduces trade and investment potential in Vietnam, ASEAN and the EU while creating the opportunity for businesses to meet and exchange directly with ASEAN and EU partners. This is also the chance for ASEAN, EU and Vietnamese businesses talk with ASEAN and EU Economic Ministers in six thematic dialogue sessions like agri-food, automotive, financial services, ICT, infrastructure/connectivity and pharmaceuticals.

 

The summit is also incorporated three B2B forums on ASEAN - EU Investment: Opportunities and challenges; Trade opportunities in ASEAN and corporate social responsibility (CSR). Attendants have the chance to meet and seek business partners and specific cooperation opportunities.

 

The meeting with ASEAN Economic Ministers and European Trade Commissioner is considered the most important part of the ASEAN - EU Business Summit 2013. The chairs represent conclusions and recommendations after each thematic session. ASEAN Economic Ministers and European Commissioner receive written recommendations in six sectors discussed.

 

Dr Vu Tien Loc, VCCI President, said ASEAN is a highly integrated region. With a total of about 1.1 billion consumers, ASEAN and EU have great potential for future development. He said the cooperation between the two sides will facilitate Vietnam to expand exports.

 

He noted that during this summit, policymakers also mention the development and progress of Vietnam - EU Free Trade Agreement negotiations.

 

"The early signing of this agreement will facilitate Vietnam to continue investment climate and institutional improvement, help businesses strengthen cooperation and enhance competitiveness. In addition, the agreement will help Vietnamese businesses overcome quite high trade barriers now, accelerate exports to the EU market, and import important technologies and raw materials for the national industrialisation and modernisation,” Dr Loc said.

 

In the past years, ASEAN has achieved world-wide recognition for being one of the most dynamic and integrated regions. The growing purchasing power of the 600 million consumers market and the ongoing progress of the regional agenda are offering an integrated market and production base for both business and consumers.

And, the EU, the world’s largest single market with 500 million consumers and an abundant source of top quality investments, presents great potential to bring advanced technologies, innovation and expertise to the 10 dynamic economies of ASEAN.

 

For Vietnam, ASEAN and the EU are the most important trade and investment partners. ASEAN market is the third largest export for Vietnamese businesses, just after the US and EU, and the second largest input supplier for businesses in Vietnam just after China. Trade turnover between Vietnam and ASEAN grossed more than US$38 billion in 2012. The EU is the No. 1 export market for Vietnam and the important investor in the Southeast Asian nation.

 

Mr Stefano Poli, Chairman of the EU - ASEAN Business Council, said: In light of the different FTA negotiations between the EU and the ASEAN countries, European companies take this occasion to share their strong commitment to investing in the region and their equal commitment to regional integration.