Vietnam Accesses to more European Potential Partners

Vietnam Accesses to more European Potential Partners

From 11 to 25 March, 2005, a parliamentary delegation led by Chairman Nguyen Van An visited Italy, UK, Belgium and Switzerland. A 74-strong business mission headed by VCCI President Vu Tien Loc accompanied the delegation. During the visit, several contracts were signed opening up long-term cooperation between potential partners.

According to VCCI President Vu Tien Loc, the activities of the business mission were diversified with business forums, business meetings, and market surveys. Almost all members of the Vietnamese business mission have established relations with partners. The total value of transactions and contracts amounted to over US$350 million, mainly in terms of exported commodities. Most important were contracts on building four ships of over 300,000 tonnes for Belgium and Switzerland by Vinashin, the export of 100,000 tonnes of rice worth US$26 million to Switzerland by Vinafood 2, the commodity export of US$100,000 a month by Hanoimilk, the machine export of US$26 million by Hong Ngoc company, and commodity export of Sao Kim company.

Agreements were also reached on the export of timber, rubber, building stone, medical equipment, joint ventures on waste treatment, building materials and wine imports.

VCCI has also signed cooperation agreements with trade promotion organisations of the four countries such as SIPPO, ASEAN-Switzerland and the Chamber of Commerce. The agreements will help business communities from the countries concerned to develop new markets and business opportunities.

In the future, the chambers and mixed economic commissions of the four countries will send business missions to Vietnam to promote economic cooperation. The Presidents of Italy-ASEAN and UK-ASEAN business forum will lead delegations for market surveys in Vietnam. In addition, parliamentary leaders, mayors and governors of those countries will visit Vietnam and bring with them business missions such as Governor of Wales and Mayor of London. Ranking companies are expected to joint the visits. Financial, banking, insurance and trade delegations from EU countries will also visit Vietnam. As Vietnam is at the gateway to China, foreign businesses wish to enter this huge market by way of Vietnam.

However, some concerns were expressed about the Vietnamese business environment such as the inconsistent and inadequate legal framework. Vietnam should continue to make the legal framework compatible with the international economic integration, ensuring the interests of both Vietnam and foreign partners.

• Lan Anh