European businesses appreciative of mutually-beneficial ties with Vietnam

EuroCham leaders made the statement said during a seminar held to discuss Vietnam-EU trade ties and the role of EuroCham held in Brussels on October 9.

The event featured the attendance of leaders of EuroCham, relevant agencies of both the EU and Belgium, and representatives of several major European businesses operating in the country such as LEGO, Pharma Group, DEPR Vietnam, and Equinor.

Highlighting the vigorous growth of joint ties, Vietnamese Ambassador to Belgium Nguyen Van Thao, who is also head of the Mission of Vietnam to the EU, said opportunities for intensive and extensive co-operation are now in place, although there still remains plenty of untapped potential.

As a major association of European enterprises and with significant capital, high technology, and rich experience, EuroCham has a crucial role to play in promoting mutual economic partnerships. Indeed, the nation needs assistance, experience, and a vision shared by EuroCham to jointly grasp chances and boost mutually-beneficial co-operation, he noted.

Calling on EuroCham to work with the country to on several important issues, Ambassador Thao said that once ratified, the EU - Vietnam Investment Protection Agreement (EVIPA) will bring about benefits to European investors in the country. He therefore appealed to EuroCham to raise a stronger voice to advocate the early ratification of the EVIPA by the remaining member countries.

The Vietnamese Government always offers the best possible conditions for foreign investors, he affirmed.

With regard to the EU’s “yellow card” warning against illegal, unreported and unregulated (IUU) fishing, the diplomat highlighted Vietnamese determination to carry out the EU’s recommendations.

He stressed that the “yellow card” affects not only Vietnamese aquatic exports and the interests of the EU’s trading businesses and consumers, but also the investment and business climate in the country, which will subsequently impact European firms.

As EU enterprises have a considerable voice in this regard, the Ambassador called on them to work alongside Vietnam to lobby for the European Commission’s removal of the “yellow card”.

Mentioning the EU’s new policies such as the EU Deforestation Regulation (EUDR) and the Carbon Border Adjustment Mechanism (CBAM), he said those policies will influence both Vietnamese and EU enterprises. In line with this, the country stands ready to co-operate with and hopes that the EU will maintain dialogue, promote technical and financial support, and offer help with capacity building.

Agreeing with Vietnamese proposals, EuroCham leaders and business representatives said the nation is important to the bloc, adding that during meetings with EuroCham, relevant agencies of the EU underlined the stature and co-operation potential of Vietnam.

EuroCham leaders greatly valued the two sides’ establishment of solid collaboration frameworks, especially important deals such as the EU - Vietnam Free Trade Agreement (EVFTA), which have created a strong impetus to grow comprehensive and effective economic ties.

EuroCham will therefore maintain close links with the Vietnamese side to seize new opportunities and expand ties in important fields such as clean energy, pharmaceutical, modern agriculture, green finance, and logistics, they added.

They said EuroCham will work alongside the country to raise a stronger voice towards EU agencies and member countries.

Gabor Fluit, chairman of EuroCham Vietnam, shared the view that the EVIPA ratification, the IUU “yellow card” removal, and the implementation of new policies will help the nation to further integrate into and join sustainable supply chains, as well as bring about benefits for EU firms operating in the country.

He also suggested the nation continue supporting EU enterprises and further improve the investment and business climate locally in an effort to attract high-quality investments, including those from the EU.

At the seminar, representatives of numerous EU companies also hailed the country’s policies towards sustainable development.