European companies have great expectation for the EVFTA agreement

VCN - The implementation of the Free Trade Agreement between the European Union and Vietnam (EVFTA) is expected to create tremendous momentum for both Vietnam and the European Union. Accordingly, in addition to promoting strong growth across all sectors, EVFTA also contributes to improving the legal framework and business and investment environment in Vietnam.
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european companies have great expectation for the evfta agreement

Mr. Dinh Ngoc Thang, Deputy Director of HCM City Customs Department exchanged with EuroCham experts at the White Book 2018 Launch event

On 21st March 2018, the European Chamber of Commerce in Vietnam (EuroCham) held an event to launch the 10th edition of its annual Whitebook

The 10th edition of the Whitebook is a collective expression of the views of EuroCham member companies operating in a wide range of industries. The edition reflects the European business community’s desire to support the Vietnamese Government to develop the current legal framework, contributing to a prosperous business environment in Vietnam for the benefit of all companies, investors and society

According to Nicolas Audier, Co-chair of EuroCham, EuroCham's core activity is to support Vietnam to improve its competitive position, develop a legal framework to facilitate trade and investment to improve the domestic business environment. EuroCham's efforts not only benefit Vietnam in the direction of welcoming European companies, but also supports Vietnam in its integration into the regional and global economies.

Speaking at the event, Mr. Alain Cany, former chair of EuroCham, said that since the first edition of the Whitebook in 2009, many recommendations of the European business community were received and followed through by the Vietnam’s Government and competent authorities. As a result, Vietnam's business environment has seen a lot of positive changes.

However, in the context of an open and integrated economy, many issues need to be improved in many areas. Typical is the medical field; transportation and logistics; human resources and training; information technology and communications; intellectual property; tax and transfer pricing; public-private partnership., etc

Mr Nicolas Audier said that the European business community has been a part of the process of opening up Vietnam's economy for the past 30 years and will certainly be present in Vietnam in the coming time. He predicted that in 2018, the trade relation between Vietnam and European Union could achieve positive results on the basis of EVFTA, with clear benefits for businesses from both parties. But to do this end, the rapid improvement of the business environment in Vietnam is essential.

Mr. Dinh Ngoc Thang, Deputy Director of Ho Chi Minh City Customs Department stated that over the past time, the Department has always paid a lot of attention to the dialogue and dissemination of legal regulations for the business community. The Department is always committed to the business community, that it will be a dynamic partner to be able to create themost favorable conditions for companies.

The Customs sector is targeted to orient the European companies to strictly comply with the Customs law under the consultation and support from Ho Chi Minh City Customs Department. Through the business dialogues, the Customs authorities have grasped and absorbed the opinions of companies on the management policy of imports and exports subject to specialized management agencies; tax policy and Customs procedures. Accordingly, solving problems, difficulties and continuing to reduce administrative procedures and costs for companies, contributing to promoting production and business and facilitating investment in Vietnam.

Mr. Nicolas Audier also assessed that the Customs sector has made great reforms in modernizing the procedure and shortening Customs clearance time. These reforms have provided positive support for Vietnam's trade activity to increase and reach the milestone of US$ 400 billion in 2017.

According to the experts, the EU can help Vietnam achieve its goal of sustainable economic growth. The implementation of EVFTA will be a factor to promote the relationship between Vietnam and the EU in the near future. EU is Vietnam's second largest foreign market after the United States and the destination for 18% of Vietnam's exports. With a bilateral trade value of US$ 50.3 billion, the EU is Vietnam's third largest trading partner. Vietnam has a trade surplus with the EU (US $ 31.8 billion).

A bright future is awaiting the trade relations between the European Union and Vietnam. When approved and effective, EVFTA will create tremendous momentum for both Vietnam and the European Union, starting with the reduction of tariffs according to the roadmap on a wide variety of commodities. Specifically, Vietnam is expected to achieve strong growth thanks to this agreement, with an expected economic growth of 2.5% higher in 2020, 4.6% higher in 2025 and 4.3% higher in 2030 than before the effective date of the agreement. In view of this, compared with normal business operations, Vietnam is forecasted to earn US$ 3.2 billion in 2020, US$ 6.7 billion in 2025 and US$ 7.2 in 2030.

european companies have great expectation for the evfta agreement European Parliament urges acceleration of signing of EVFTA

Many members of the European Parliament have urged acceleration of the completion of documents and relevant procedures ...

This will also significantly increase real wages and household incomes in Vietnam. EVFTA will promote Vietnam's growth and development across all sectors. This agreement also improves the legal framework and business and investment environment, reduces tariffs and trade barriers, improves safety and quality standards as well as boost Vietnam’s exports to the EU. This not only benefits companies but also brings positive impacts on welfare, wage and living standards of Vietnamese citizens.

By Nguyen Hien/ Huyen Trang

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