European firms more positive about Vietnam’s business climate

European businesses are more positive about Vietnam trade and investment environment in the first few months after COVID 19 the Business Climate Index BCI unveiled by the European Chamber of Commerce in Vietnam EuroCham on July 22 showed
european firms more positive about vietnams business climate

Chairman of EuroCham Nicolas Audier

Accordingly, during the COVID-19 pandemic, when social distancing and travel restrictions brought normal business operations to a halt, the EuroCham BCI fell to its lowest-ever score of 27% in the first quarter of 2020.

However, after the Government implemented a world-leading public-health and economic response, Vietnam was able to return to business-as-usual much sooner than other countries, who continue to struggle with the impact of the virus.

As a result, the positive sentiment of European business leaders began to bounce back, recording a 7% jump between February and April to reach 34%.

The BCI also found that more than 25% of European enterprises had benefited from the Government’s postponement of tax, while around one-in-five had benefited from a reduction in rent and a suspension of social insurance contributions.

Despite these positive signs, however, challenges remain for European enterprises, according to the survey.

A large proportion, 88% of the interviewed businesses, felt negative effects as a result of the pandemic in the three months to April. Meanwhile, more than 50% said that a reduction in taxes such as corporate income tax, personal income tax and value added tax would help them emerge stronger from the crisis.

Chairman of EuroCham Nicolas Audier said, “This data is further evidence that Vietnam is one of the international success stories of the COVID-19 pandemic. It also shows that the Government’s effective and sure-footed handling has had a tangible impact on the confidence of European business leaders.”

The next challenge will be adapting to the “new normal” where COVID-19 is present in other countries but where global trade remains essential to domestic economic growth. This will require imaginative solutions to address issues such as the return of foreign experts on whom many international companies depend, he added.

Source: VNA
english.vov.vn

Related News

Quang Ninh Customs: Many activities to develop Customs-Business partnership

Quang Ninh Customs: Many activities to develop Customs-Business partnership

VCN - Developing the Customs-Enterprises (DN) partnership continues to be identified by the Quang Ninh Customs Department as one of the key tasks to be implemented in 2024.
Enterprises accelerate production and business activities after Tet holiday

Enterprises accelerate production and business activities after Tet holiday

VCN - Following the Tet holiday in the year of the Wood Dragon 2024, numerous enterprises have resumed their production and business operations, swiftly ramping up with a plethora of orders from the very start of the year.
Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

VCN - The spirit of considering businesses as partners, always "side by side" with the business community through dialogue, troubleshooting, and timely support activities has widely immersed by the Department's leaders to each unit leader of the Bac Ninh Customs Department, thereby maintaining the leading position in turnover of "hundreds of billions of dollars".
Trade promotion focuses on market development

Trade promotion focuses on market development

VCN - In 2024, trade promotion activities will continue with the goal of expanding new export markets and exploiting FTAs; Digital transformation is associated with green transformation in trade promotion to develop sustainable foreign trade.

Latest News

Leverage to increase the scale of Vietnam - Laos trade turnover

Leverage to increase the scale of Vietnam - Laos trade turnover

VCN - From 2012 until now, trade turnover between the two countries has grown by 10-15%/year, but it has only reached US$1.65 billion which is not commensurate with the potential and special relationship between the two countries.
Science and technology enterprises still have limited to access to preferences

Science and technology enterprises still have limited to access to preferences

VCN - Enterprises in the field of science and technology (ST) have made many positive contributions to economic development. However, preferential access to these enterprises is still difficult.
Made-in-Vietnam wind turbine towers bound for RoK

Made-in-Vietnam wind turbine towers bound for RoK

Ten domestically-manufactured offshore wind turbine towers are set to depart from Phu My Industrial Zone in the southern province of Ba Ria-Vung Tau by the end of April 2024, bound for Jeonnam 1 wind power project off the coast of the Republic of Korea (RoK)'s Jeonnam province.
Cashew nut exports is estimated at US$ 782 million in the first quarter

Cashew nut exports is estimated at US$ 782 million in the first quarter

VCN – Vietnam’s cashew nut exports in March reached 55 thousand tons, surging in volume and value compared to the previous month.

More News

Maintain the reputation of Vietnamese coffee amidst soaring prices

Maintain the reputation of Vietnamese coffee amidst soaring prices

VCN - Nguyen Nam Hai (photo), Chairman of the Vietnam Coffee-Cocoa Association (Vicofa), shared about the landscape of the Vietnamese coffee industry in the context of continuously increasing prices.
Find opportunities in niche markets to increase exports

Find opportunities in niche markets to increase exports

VCN - New markets and niche markets are the way for exports to reduce dependence on traditional markets. Exploiting opportunities in these markets will open up many new opportunities.
Vietnam transforming into new global manufacturing hub: experts

Vietnam transforming into new global manufacturing hub: experts

Vietnam is transforming into a new global manufacturing hub, offering a diverse range of products that are competitively priced and continuously improving in quality, assessed foreign distributors and importers, who will participate in the Vietnam International Sourcing expo this June.
Sustaining growth solutions for coffee exports

Sustaining growth solutions for coffee exports

VCN - The continuous increase in coffee prices has provided a strong boost for coffee exports, aiming for a record of US$5 billion. However, it still requires many comprehensive solutions to enhance quality and value to ensure sustainable development for the coffee industry in the future.
Vietnam National Brand Week to be held in mid-April

Vietnam National Brand Week to be held in mid-April

The Vietnam National Brand Week 2024 will be held nationwide from April 15-21 to raise public awareness of Vietnam national brand and promote products recognised as national brands to domestic and international communities.
Textile industry in sustainability push to meet stringent requirements

Textile industry in sustainability push to meet stringent requirements

Textile and garment businesses are making a green push with development of eco-friendly products adapted to global fashion trends and by meeting the stringent requirements under free trade agreements the country has signed, according to industry insiders.
Loosening the belt buckle for sustainable development of the maritime industry

Loosening the belt buckle for sustainable development of the maritime industry

VCN - Recently, the growth of maritime and waterway transportation has been impressive, with a double-digit rate of about 10-12% per year. However, despite many advantages, the waterway system has not been efficiently utilized, commensurate with its potential. The Customs News had a discussion with Pham Quoc Long, Vice Chairman of the Vietnam Shipowners' Association, on this issue.
Vietnam ready to ride US investment wave

Vietnam ready to ride US investment wave

Vietnam is on the verge of seeing a massive influx of investments from the US, and stands ready to welcome the wave.
Investing in wages is investing in development

Investing in wages is investing in development

VCN - According to Dr. Bui Sy Loi (photo), senior expert of the Ministry of Labor, War Invalids and Social Affairs, former Deputy Chairman of the National Assembly's Committee on Social Affairs, the National Assembly's adoption of the reform policy salaries, resource decisions and salary reform policies on July 1, 2024 is a suitable time, both historical and topical, contributing to ensuring life, creating peace of mind for staff, civil servants, public employees and workers.
Read More

Your care

Latest Most read
Leverage to increase the scale of Vietnam - Laos trade turnover

Leverage to increase the scale of Vietnam - Laos trade turnover

From 2012 until now, trade turnover between the two countries has grown by 10-15%/year, but it has only reached US$1.65 billion
Science and technology enterprises still have limited to access to preferences

Science and technology enterprises still have limited to access to preferences

VCN - Enterprises in the field of science and technology (ST) have made many positive contributions to economic development. However, preferential access to these enterprises is still difficult.
Made-in-Vietnam wind turbine towers bound for RoK

Made-in-Vietnam wind turbine towers bound for RoK

Ten domestically-manufactured offshore wind turbine towers are set to depart from Phu My Industrial Zone in the southern province of Ba Ria-Vung Tau by the end of April 2024, bound for Jeonnam 1 wind power project off the coast of the Republic of Korea (RoK)'s Jeonnam province.
Cashew nut exports is estimated at US$ 782 million in the first quarter

Cashew nut exports is estimated at US$ 782 million in the first quarter

VCN - In the first quarter of 2024, Vietnam's cashew exports reached about 147 thousand tons, with the turnover of US$782 million, up 31.8% in volume and 20.5% in value compared to the same period in 2023.
Maintain the reputation of Vietnamese coffee amidst soaring prices

Maintain the reputation of Vietnamese coffee amidst soaring prices

VCN - Nguyen Nam Hai (photo), Chairman of the Vietnam Coffee-Cocoa Association (Vicofa), shared about the landscape of the Vietnamese coffee industry in the context of continuously increasing prices.
Mobile Version