PM Phuc highlights ample opportunity for Vietnam-EU trade links

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Addressing the event co-hosted by the Ministry of Foreign Affairs, the People’s Committee of Hanoi, the EU Delegation to Vietnam and EuroCham in Vietnam, PM Phuc said Vietnam is working hard to build a constructive and upright government to serve people and businesses with a focus on fine-tuning institutions, improving governance capacity, and offering more opportunities to all enterprises, including investors from Europe.

The country is making every effort to be among ASEAN’s top group and get high standards in the business environment. It is striving to properly realize commitments in intellectual property protection, he added.

The country has also been encouraging renovation ideas and giving priority to high and eco-friendly technologies, climate change adaptation, and State-owned enterprise restructuring.

Reform measures have been underway in all 63 cities and provinces where European investors and businesses have been or will be carrying out investment projects.

The Vietnamese government’s efforts and effective cooperation from international partners, including those from Europe have enabled the country to become involved deeper in the regional and global value chains, said PM Phuc.

The Government leader said that European partners are leading foreign investors in Vietnam with a total investment of almost US$25 billion, and the country’s biggest non-refundable aid provider. Two-way trade between Vietnam and the EU saw a five-fold increase in the 2006-2017 period, outstripping US$50 billion last year.

Vietnam always greatly values investment and business operations of more than 2,000 European firms in Vietnam, especially in fields where Vietnam has demand and European firms hold advantages such as infrastructure development, seaport, airport, airport, urban transport, energy, electricity, oil and gas, agriculture, tourism and health.

He asked leaders of ministries, sectors and localities to provide more favourable conditions for and deal with difficulties facing European partners and businesses in Vietnam.

The cabinet leader also expressed his hope that European partners will map out long-term investment and business strategies in Vietnam to enhance stronger connectivity with their Vietnamese businesses.

In his speech, Ambassador Bruno Angelet, Head of the EU Delegation to Vietnam, said that the two sides should make reform and adjustments to seek proper measures to ensure the effective implementation of the free trade agreement which will be signed later this year.

The ‘Meet Europe 2018’ will help bring about new business chances to European businesses and Vietnamese localities, and attract more new investments.

PM Phuc said he hopes that with many important and pragmatic topics for discussion at the conference such as prospects for EU-Vietnam cooperation and free trade, renewable energy and smart cities, agriculture and fisheries, infrastructure and logistics,4.0 technology and vocational training, participants would share open and frank discussions on all opportunities, challenges and measures on how to boost development for mutual benefit.

He said his scheduled European visit for the 12th ASEM Summit in October will be a good opportunity for Vietnam to deepen its relations with the EU, and exchange views on the EU-Vietnam Free Trade Agreement (EVFTA), which will give more favourable conditions for both parties, especially Vietnamese and European enterprises to intensify investments and do business effectively.