View of arbitrators

European firms seek to speed up EVFTA approval

05/06/2019 14:50

Nicolas Audier, co-chairman of the European Chamber of Commerce in Vietnam (EuroCham), arbitrator of VIAC, told participants at the launch ceremony of the Whitebook 2019 in Hanoi that European firms want to speed up approval of the EU-Vietnam Free Trade Agreement (EVFTA).

EuroCham representatives attended two hearings at the European Parliament in late 2018 to share the positive steps that Vietnam has taken to prepare for the trade pact, Audier said.

According to Audier, over the last three decades, the government has successfully transformed Vietnam from one of the poorest countries in the world to a middle-income, modern, fast-growing nation. Vietnam has an opportunity, through new-generation free trade agreements like the EVFTA, to become an even more open and successful leader in the region and the world, he said.

The European Commission has described the EVFTA as the most ambitious free trade deal ever concluded with a developing country, and said it hopes to ratify the deal this year. The agreement would remove almost all tariff barriers and eliminate over 99 percent of customs duties on exports in both directions.

Ambassador Bruno Angelet, head of the European Union delegation to Vietnam, said the EU is one of Vietnam’s most important foreign markets, buying up to 17 percent of Vietnam’s exports in 2018. Two-way trade has constantly increased, placing the EU in fourth position among Vietnam’s major trade partners. Regarding investment, the EU currently has 139 projects in Vietnam with total capital of more than US$1.06 billion. Implementation of the EVFTA will be an important step to continue connecting the two economies, Angelet said.

Labor-intensive manufacturing has driven Vietnam’s remarkable socioeconomic development over the past 30 years. However, as noted by Denis Brunetti, co-chair of EuroCham, future jobs and growth would depend predominantly on a digital economy and high-tech in all sectors and industries.

However, to develop the digital economy, three conditions must be fulfilled - infrastructure, security, and people’s trust in the digital economy.

European firms have been a trusted, reliable and secure partner in helping develop Vietnam’s earliest telecommunications and ICT networks, driving significant internet usage across the country, Brunetti said. “Our members remain committed and dedicated to helping the country take advantage of the new wave of inclusive and sustainable digital innovation,” he added.

Nicolas Audier said if adopted, the insights and recommendations of EuroCham members would help the government unlock the full benefits of the EVFTA and go further and faster on its path of growth and development.

For original upload, click here.

Share Post
SOME OTHER NEWS
  • Finding ways to develop central area economy 20/06/2019 14:17

    Associate professor Trần Đình Thiên, former director of the Central Institute for Economic Management and member of the consultancy team for developing the central coastal area, talks to Đầu Tư (Investment) newspaper about economic development of the area.

  • Another way to attract foreign investment 14/05/2019 11:33

    Most enterprises are not willing to increase their foreign ownership limit because when this ratio rises above 51% the companies will be treated as foreign investors. This will curtail several business areas and require companies to change investment criteria to that of foreign investor. Meanwhile, many foreign investors claim that it is very difficult to buy good stocks due to limit in foreign ownership in various companies.

     

  • Foreign businesses accelerate indirect investment in Vietnam 07/05/2019 10:04

    Vietnam high and steady economic growth in the past years has strongly drawn foreign capital and investment in local firms considered as the shortest way for foreign investors to enter the Vietnamese market.

  • Vietnam well-positioned to develop industrial property 07/05/2019 10:01

    Vietnam is well-positioned to develop industrial property, experts said at the Vietnam Industrial Real Estate Forum 2019 in Hanoi on April 23.

     

  • Vietnam mulls PPP Law with sovereign guarantees to reassure investors 19/04/2019 08:12

    A proposed new law envisages offering sovereign guarantees to attract private investment in large transport infrastructure projects.

  • Vietnamese companies urged to prepare for impacts of US-China trade spat 10/04/2019 09:50

    With trade protectionism increasing, Vietnamese companies should prepare for trade-related lawsuits and disputes but also capitalise on possible opportunities from the ongoing US-China trade war, a top trade remedy official has said.

  • Tax reform crucial for State budget sustainability 04/04/2019 10:02

    Taxes and duties are a very important source of State budget revenue and provide major finance for the Government’s socio-economic development programmes. In Việt Nam, tax revenue is starting to decline while expenditure continues to rise, threatening budget sustainability.

  • Việt Nam vows to improve business environment 27/02/2019 09:16

    Nguyễn Đình Cung, director of the Central Institute for Economic Management, arbitrator at Vietnam International Arbitration Centre, talks to Hải Quan (Customs Online) online newspaper about Việt Nam’s efforts to improve its business environment in 2019. 

     

    REGISTER EMAIL WITH VIAC