More actions in need for EU bonanzas

Julien Guerrier

Ambassador of the European Union to Vietnam

Given the uncertain global outlook for 2024 and evolving social and economic challenges, Vietnam has an opportunity to develop a modern regulatory environment to consolidate the country’s ambition to transform itself into a 21st-century Asian Tiger.

Throughout the years, Vietnam has been an important partner of the EU when it comes to economic issues, digital transformation and the green transition, in addition to regional security and stability. However challenging the future may be, the EU is and will remain one of Vietnam’s closest partners.

In order to boost trade and economic growth, openness and transparency should be continuously improved, and public administration should be modernised. The EU-Vietnam Free Trade Agreement is playing a crucial role in this process and is contributing to Vietnam’s success in overcoming economic challenges arising from supply chain disruptions, rising fuel prices, and food insecurity.

The deal has facilitated Vietnam’s consolidation of its development trajectory by aligning Vietnamese regulations with international standards. This has improved regulatory compatibility and reduced regulatory obstacles, creating a more favourable environment for Vietnam’s growth. Through this economic progress, Vietnam will have the opportunity to further bolster its economic capacity and advance its social and labour rights.

Vietnam will continue to strengthen its position as a key hub for the EU’s partnership strategy, actively engaging in initiatives such as the EU Green Deal, Global Gateway, and the EU-Vietnam Framework Participation Agreement. To achieve this, it will be essential to engage in in-depth discussions and exchange practical insights on the business and policy environment between the EU and Vietnam.

Gabor Fluit

Chairman European Chamber of Commerce in Vietnam

The EU-Vietnam Trade Agreement, which celebrated its third year in August 2023, has been especially important. The results speak for themselves. In 2019, before the deal took effect, total trade volume between the EU and Vietnam stood at $57.81 billion. By the end of 2022, just two years after implementation, this figure jumped to $66.78 billion – a 15 per cent increase.

Investors from European companies are also more confident about doing business in Vietnam now. According to the BCI, nearly a third of EuroCham members now rank Vietnam among their top three global investment destinations. This is clearly a vote of confidence in the Vietnamese economy.

While celebrating the impressive progress achieved, we as an organisation have a very firm belief in Vietnam’s continued potential. And as a trusted, longstanding partner along this journey, Team Europe remains as committed as ever to supporting Vietnam’s transformation towards a sustainable, innovation-driven future.

With this goal in mind, this whitebook provides a comprehensive set of recommendations. Even though environmental sustainability is a main goal, the whitebook takes a broader by focusing on four key areas: business environment improvement, consumer choice discussion, health and beauty industry advancement, and sharing best practices for green and sustainable development. Through these pillars, businesses can enhance their capabilities, revamp their operations, and strengthen their social responsibility.

For over two decades, EuroCham has facilitated constructive public-private sector dialogues in Vietnam. By continuing this proud legacy of engagement through this whitebook, we aim to encourage even more meaningful collaboration among stakeholders.

Thibaut Giroux

Chairman French Chamber of Commerce and Industry in Vietnam

Amidst ongoing global uncertainties, the current business landscape in Vietnam continues to hold promise. The country’s economic progress is driven by a commitment to substantial reforms, fostering a significant increase in both the quality and quantity of foreign direct investment.

Given this context, 2024 provides a particularly favourable opportunity for undertaking business ventures within Vietnam. The positive trajectory is reinforced by strong advantages and Vietnam’s proactive stance towards necessary transitions for sustainability.

The French Chamber of Commerce and Industry in Vietnam plays a pivotal role in fostering this expansion: we are steadfast in our support for European, French, and Vietnamese enterprises, facilitating the cultivation of robust business relationships. As the sole and official representative in Vietnam for the Enterprise Europe Network, the European’s most extensive support network for small- and medium-sized enterprises with international aspirations, and with a widespread network comprising 125 French chambers in 95 countries, we serve as a gateway to global multilateral cooperation.

With a dedicated team and a multidisciplinary network, we are committed to providing operational support to companies while expediting their business development efforts. This collaborative approach underscores our commitment to mutual success within the European-Vietnamese business landscape, with a specific focus on promoting French expertise in the green economy as an integral component of our collective achievements.