Toward a Favourable Business Climate for EU Companies in Vietnam

 

The eighth edition of the EuroCham Whitebook 2016 is a collective expression of the views of EuroCham member companies, which operate in a wide range of industries. The publication echoes the European business community’s desire to support the Vietnamese Government in the development of the current legal framework and a positive business environment in Vietnam, for the benefit of companies, investors and society.

 

Against the backdrop of the recently concluded and published EU-VN FTA, the conference gathered participants from a large range of provinces/cities and European embassies. The presence of leading European and Vietnamese companies reflected the strong interest of the business community in Vietnam in this bilateral trade treaty.

 

The Whitebook, displayed in Vietnamese and English, covers a wide range of key issues of foreign direct investment, corporate governance, energy, green growth, human resources development, intellectual property rights, corporate mergers and acquisitions, public - private partnership, taxation, transport, logistics and others.

 

EuroCham Chairwoman Nicola Connolly said that, over the last 12 months, EuroCham has observed and welcomed efforts and reforms initiated by the Vietnamese Government. EuroCham’s quarterly survey to its members, the Business Climate Index has remained stable over the last year. Particularly, in the fourth quarter of 2015, the index has significantly improved, showing the rising business confidence of EuroCham members.

 

However, the Whitepaper 2016 stated that Vietnam has more to be done to secure achievements and realise further investment and trade in the market. The country should further promote investment environment and policy reforms, human resources quality, administrative reform and corporate tax. Particularly interested content at the Whitebook launch ceremony was the enforcement of the EVFTA in order to bring benefits to both parties. As soon as the EVFTA officially takes effect, bilateral trade relations will surely grow stronger.

 

Bruno Angelet, Ambassador and Head of European Union Delegation to Vietnam, said this agreement is a key building block in the comprehensive trade and investment partnership between Europe and Vietnam.

 

He said EuroCham will widely communicate EVFTA and its potential to the business community and highlight the wonderful opportunities it opens for our common future.

Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), emphasised that EuroCham has been VCCI’s key partner for years and the relationship is even more deeply reinforced in order to facilitate the implementation of EVFTA with the signing ceremony of a strategic cooperation agreement between VCCI and EuroCham. EuroCham’s Whitebook has been and will continue to be a reliable and effective platform for the Government to have an overview of concerns and recommendations of EuroCham member companies in a wide range of industries.

 

Industry and Trade Minister Vu Huy Hoang said that Vietnam - EU trade and relations had made great strides in recent years. Notably, the bilateral trade revenue jumped 10 folds in five years, from US$4 billion in 2011 to US$41 billion in 2015.

 

He added that Vietnam - EU economic and commercial cooperation is complementary. Thus, the effect of EVFTA in 2018 will open up market access opportunities and will improve relevant laws, especially economic laws.

 

On this occasion, VCCI and EuroCham signed a strategic cooperation agreement to provide business supports like building advisory lines and organising training courses on protection and enforcement of intellectual property rights, document and guide publications for enterprises in the framework of the project “Business support for European SMEs on intellectual property rights in Southeast Asia" actively coordinated for implementation by EuroCham and VCCI this year.