The European Chamber of Commerce (EuroCham) and the Vietnam Chamber of Commerce and Industry (VCCI) has established a new bilateral forum to support the smooth and successful implementation of the EU - Vietnam free trade agreement (EVFTA).
Though it has been a difficult year so far, effective Covid-19 containment and the recently ratified EU Vietnam Free Trade Agreement (EVFTA) has bolstered global industrial investor confidence in Vietnam. The property segment most resilient to Covid-19 has further significant growth potential.
If Vietnamese businesses know how to seize the opportunity from EVIPA and EVFTA they will succeed in investment cooperation with EU investors.
Being the very second agreement signed between the European Union and a member of ASEAN, EVFTA is a testament to Vietnam’s growing leadership, not just in the region but also on the global scale.
Nicolas Audier, co-chairman of the European Chamber of Commerce in Vietnam (EuroCham), said that the trade pact will benefit not only companies and consumers, but also the welfare, wages and living standards of millions of people in Vietnam.
The strong commitment to an open, fair and rules-based trade of the EVFTA will further widen export markets for Vietnam, especially in textile and garment, agriculture and fishery, and wood furniture, says HSBC Vietnam CEO Pham Hong Hai.
The Council of Ministers, the policymaking body of the European Economic Community, has approved the EU-Vietnam trade and investment agreements (EVFTA) today in Brussels, paving the way for their signature and conclusion this Sunday in Hanoi.
Should the EU-Vietnam FTA be ratified at the end of 2019, Vietnam could expect to gain some 0.3 percentage point to its real GDP, say economists at HSBC.
Almost 80 per cent of European enterprises surveyed by EuroCham believe that the EVFTA will have either a 'significant' or 'moderate’ impact on their business in the medium term.
To ensure smooth and efficient operation of the EU-Vietnam Free Trade Agreement (EVFTA) after the two sides finished the legal review process, both are actively resolving the final stages of this agreement which is expected to be signed by the end of this year.
Over 46 million workers have not undertaken specialised training, hence the focus ought to be on upskilling this workforce in preparation for the jobs of the future, especially under the context of Vietnam's deep integration into the world economy.
There remains a big challenge of intellectual property ahead to be resolved although brilliant sides of to-be-ratified EU Vietnam free trade agreement are miracle growth of mutual ex-import revenue and rising number of foreign companies in due to removal of hurdles.
The EU - Vietnam Free Trade Agreement (EVFTA) endows Vietnam with comparative advantages no other country in the region excepting Singapore has.
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According to European Chamber of Commerce in Vietnam (EuroCham), Vietnam should conduct appropriate solutions to cut costs and administrative workload for automotive enterprises, aligning with the target of administrative reform in Vietnam as well as the objectives and principles of the EU - Vietnam Free Trade Agreement (EVFTA).
