Eurocham Whitebook highlights EVFTA ratification

The European Chamber of Commerce in Vietnam (EuroCham) launched the 11th edition of its annual Whitebook at a conference in Hanoi on March 14, focusing on the future of economic development in Vietnam.

The event, entitled The EVFTA: Driving Industry Digitization and Transformation for Vietnam's Socio-Economic Prosperity, co-organized by the Ministry of Foreign Affairs and the Vietnam Chamber of Commerce and Industry (VCCI), brought together more than 200 participants, including high level representatives from the Government of Vietnam, provincial leaders from across the country, European ambassadors and the European business community.

The conference highlighted two issues most critical to ensuring the success of the next phase of Vietnam's development, the EU-Vietnam Free Trade Agreement (EVFTA) and the Fourth Industrial Revolution.

According to Eurocham, taken together, these two issues would help Vietnam further integrate into the global economy and the international community. The Fourth Industrial Revolution, through the digitization of all sectors and industries, would make the country more competitive, innovative and better prepared to embrace job opportunities of the future.

The EVFTA, once ratified and implemented, would advance trade and investment between the EU and Vietnam and give consumers better access to high-quality European goods and services.

The launch of the Whitebook brought the issues and recommendations of EuroCham members together under the themes of healthcare, tax and customs and sustainability. At the event, European business leaders discussed with the Government issues including logistics and infrastructure, green growth, tax and transfer pricing, human resources, health and legal matters.

Over the last three decades, the Government has successfully transformed Vietnam from one of the poorest countries in the world to a fast-growing, modern, middle-income nation, said Nicolas Audier, co-chairman of EuroCham.

Today, Vietnam has the opportunity, through new-generation Free Trade Agreements like the EVFTA, to take the next step up the value chain and become an even more open and successful leader in the region and on the world stage, he said.

If taken on board, the insights and recommendations of our members will help the Government to unlock the full benefits of the EVFTA and go further and faster on its path of growth and development, reforming Vietnam's legal framework and business environment and, in the process, improving the life chances and living standards of millions of Vietnamese citizens.

Building on the phenomenal socio-economic journey experienced by Vietnam in the past 30 years, which has been mainly driven by labor-intensive manufacturing, the jobs and growth of the future will predominantly come from the digital economy and high-tech jobs related to industry digitization of all sectors and industries, said Denis Brunetti, co-chairman of EuroCham.

As European enterprises were a trusted, reliable and secure partner in helping to develop Vietnam's earliest telecommunications and ICT networks, driving significant internet usage across the country, our members remain committed and dedicated to helping the country take advantage of the new wave of inclusive and sustainable digital innovation, Brunetti said.

As European enterprises were a trusted, reliable and secure partner in helping to develop Vietnam's earliest telecommunications and ICT networks, driving significant internet usage across the country, our members remain committed and dedicated to helping the country take advantage of the new wave of inclusive and sustainable digital innovation, Brunetti said.

Europe contains some of the world's most innovative, market-leading, and sustainable future-focused companies, and EuroCham's 11th Whitebook contains the insights and recommendations of business leaders from these enterprises. Our publication is designed to help Vietnam adapt to the new opportunities that the Fourth Industrial Revolution will bring, and in so doing, make the country increasingly more competitive in the global economy and more attractive to international trade and investment.

Hoang Quang Phong, Vice Chairman of the VCCI, hailed the contributions of the European business community in Vietnam.

He said the EU was one of Vietnam's largest trade partners and the recommendations made by the White Book had been submitted to the Government and would make significant contributions to improving the business environment in the country.

The Whitebook is EuroCham's flagship annual publication, bringing together the insights and recommendations of the chamber's over one thousand members. The publication includes 20 chapters, covering sectors and industries from healthcare to wines and spirits, and ICT to human resources and training.

In the Whitebook, EuroCham members raise the most important issues to their business operations, and highlight specific actions that the Government could take to improve Vietnam's business environment and legal framework, increase trade and investment from Europe and make the country even more competitive in the global marketplace.

Source: People's Army Newspaper