EuroCham recommends Vietnam develop legal framework for green transformation

Upon addressing the event, Jean Jacques Buouflet, vice president of EuroCham, emphasized that green transformation towards a green and sustainable economy requires countries to have a comprehensive vision and to make commitments to implementing specific goals.

He revealed that the country has recently built a policy framework on green economic development and has made strong commitments to meeting green and sustainable economic development goals in line with the National Strategy on Green Development to achieve net zero emissions by 2050.

The country has also mapped out a number of national development strategies relating to forests, environmental protection, sustainable development.

The EuroCham representative stated that the chamber is ready to support the country in its efforts to accelerate the green transformation for the national economy, especially in the fields of renewable energy development, green transport, and green finance.

EuroCham has therefore committed to closely co-ordinating efforts and sharing experience with each Vietnamese sector in promoting green economic development, he noted.

For his part, Vo Tan Thanh, vice president of the  Vietnam Chamber of Industry and Commerce (VCCI), said the EU is one of Vietnam's most important partners, adding that the nation is a potential and safe investment market for European firms.

With the EU-Vietnam Free Trade Agreement (EVFTA) coming into force, the EU has opened its doors for Vietnamese goods at the highest level compared to other countries in the region. However, the EU is also a demanding market, requiring high technical standards and regulations for imported goods, especially when it comes to green and sustainable development standards, he noted.

Therefore, Vietnamese enterprises are asked to build a production model which is both sustainable and environmentally friendly. Other efforts include working to improve domestic production capacity, enhance competitiveness, and develop exports in a sustainable manner to make further inroads into the global value chain.

Thanh expressed his hope that the EU will intensify sharing information and experience to help Vietnam deploy  development models in a green, modern, and effective direction.

At the forum, delegates discussed market trends, new opportunities in the EU market, smart agriculture, green finance, and emerging potential fields.

The EU is currently the nation’s largest development partner, the fifth largest trading partner, and sixth largest foreign investor. Meanwhile, Vietnam represents the EU's largest trading partner in ASEAN and the EU's 14th in the world.

According to the General Department of Customs, two-way import-export turnover between Vietnam and the EU in the first half of this year reached nearly US$32.39 billion, up 13.5% on year.

During the six-month period, Vietnam recorded a trade surplus of nearly US$17 billion with the bloc, an increase of 19.2% over the same period from last year.