EuroCham, VCCI launch European-Vietnam Business Council

24-Oct-2020 Intellasia | VNS | 6:02 AM Print This Post

The Vietnam Chamber of Commerce and Industry (VCCI) and the European Chamber of Commerce in Vietnam (EuroCham) have launched the European Union Vietnam Business Council (EVBC).

Speaking at an announcement ceremony on the founding of EVBC held in Hanoi on Thursday, VCCI deputy chair Hoang Quang Phong said the establishment of the council aimed to help enterprises of the two sides take advantage of investment and business opportunities from the EU-Vietnam Free Trade Agreement (EVFTA).

The businesses would receive consultations, technical assistance and information from the council to resolve difficulties in economic relations, helping them increase the scale of trade activities and promote investment, cooperation and technology transfer, Phong said.

The EuroCham statement says the aim of the EVBC is cooperation between the VCCI and the EuroCham to carry out the EVFTA, support enterprises of the two sides to make the most of the opportunities brought by this agreement and strengthen trade and investment ties between Vietnam and the European Union (EU).

The council will bring together representatives of the European and Vietnamese business communities to share insights and discuss challenges in the implementation of the EVFTA.

The aim of the EVBC is to provide a bilateral consultation mechanism platform for European and Vietnamese enterprises to report to officials of Vietnam, its ministries and other relevant Vietnamese authorities and also members of the EU Commission, EU Parliament, or other institutions of EU member states with regards to the implementation of the EVFTA, the statement said.

Besides, the EVBC will support business communities of both sides to develop their potentials and increase the efficiency of their business and investment activities.

EuroCham chair Nicolas Audier said over the next decade, the EVFTA would help to boost trade and investment between Vietnam, one of the world’s fastest-growing and most attractive markets, and the EU, the world’s largest trading bloc.

The establishment of the new forum showed the strong and effective relationship between the two chambers, he said.

VCCI chair Vu Tien Loc said the EVBC was set to support the Vietnamese business community to “enter the EVFTA highway”. On that highway, Vietnamese businesses would be sure to face many difficulties, especially small and medium-sized enterprises, he said.

Nguyen Do Anh Tuan, head of International Cooperation Department under the Ministry of Agriculture and Rural Development, said the council was expected to promote investment from the EU to fields relating to agriculture in Vietnam, especially, technological transfer, logistics and processing. The investment would help local businesses to improve the quality of export agricultural products and meet origin requirements in the EU market.

The EuroCham statement says in the short term, besides focusing on providing information about EVFTA, and the advantages and barriers businesses are facing, EVBC will develop a plan to carry out activities to promote cooperation between the two sides, especially amid the COVID-19 pandemic having a strong impact on business activities.

In force since August 1, the EVFTA is the most comprehensive free trade agreement ever signed between the EU and a developing nation, and just the second FTA signed with an Asean member state.

Now it has entered into force, 65 per cent of EU exports to Vietnam are tariff-free, along with 71 per cent of Vietnam’s exports to the European Union. This will rise to almost 99 per cent over the next decade.


Category: Economy, Vietnam

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