European firms more positive about Vietnam’s 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.
Related News

AEOs make great contributions to Vietnam’s trade development
07:40 | 16/10/2024 Customs

Businesses cooperate to develop advanced technology
10:58 | 12/10/2024 Import-Export

Note for businesses when converting green and digital
10:00 | 05/09/2024 Import-Export

Businesses will be confident in exporting to the EU when they have enough green capacity
09:45 | 21/08/2024 Import-Export
Latest News

Embracing green exports: a pathway to enter global supply chains
10:33 | 20/02/2025 Import-Export

New policy proposed to prevent transfer pricing, tax evasion of FDI enterprises
10:32 | 20/02/2025 Import-Export

Việt Nam’s durian exports to China plummet by 80%
16:18 | 19/02/2025 Import-Export

Coconut exports reach 14-year high
15:29 | 18/02/2025 Import-Export
More News

Shrimp exports grow in the first month of 2025
15:28 | 18/02/2025 Import-Export

Rice export prices drop, but decline expected to be short-term
08:10 | 17/02/2025 Import-Export

Key agro products expected to maintain export growth this year
08:08 | 17/02/2025 Import-Export

EU issues 12 warnings against Việt Nam’s food and agricultural exports
08:07 | 17/02/2025 Import-Export

Việt Nam to impose VAT on low-value express-imported goods
08:06 | 17/02/2025 Import-Export

Exchange rate risks need attention in near future
16:31 | 15/02/2025 Import-Export

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month
16:30 | 15/02/2025 Import-Export

Import and export turnover reaches about US$29 billion in the second half of January 2025
14:52 | 14/02/2025 Import-Export

Market edges up slightly as liquidity remains low
14:48 | 14/02/2025 Import-Export
Your care

Embracing green exports: a pathway to enter global supply chains
10:33 | 20/02/2025 Import-Export

New policy proposed to prevent transfer pricing, tax evasion of FDI enterprises
10:32 | 20/02/2025 Import-Export

Việt Nam’s durian exports to China plummet by 80%
16:18 | 19/02/2025 Import-Export

Coconut exports reach 14-year high
15:29 | 18/02/2025 Import-Export

Shrimp exports grow in the first month of 2025
15:28 | 18/02/2025 Import-Export