EuroCham, VCCI launch European-Vietnam Business Council

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

 

Speaking at an announcement ceremony on the founding of EVBC held in Ha Noi on Thursday, VCCI deputy chairman 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, co-operation and technology transfer, Phong said.

The EuroCham statement says the aim of the EVBC is co-operation between the VCCI and the EuroCham to implement 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 Viet Nam 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 Viet Nam, 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 chairman Nicolas Audier said over the next decade, the EVFTA would help to boost trade and investment between Viet Nam, 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 chairman 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 Viet Nam, 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 implement activities to promote co-operation 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 Viet Nam are tariff-free, along with 71 per cent of Viet Nam's exports to the European Union. This will rise to almost 99 per cent over the next decade. 

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