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Tuesday, June 25, 2024

Vietnam has golden chance to attract FDI from European firms: EuroCham

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HCMC – While many economies in the international market are reeling from the Covid-19 pandemic, Vietnam is faced with a golden opportunity to capitalize on the European Union-Vietnam Free Trade Agreement (EVFTA) and attract foreign direct investment (FDI) from EU firms, noted EuroCham Chairman Nicolas Audier during a dialogue on administrative reforms co-chaired by Minister and Chairman of the Government Office Mai Tien Dung on June 30.

These European enterprises are eyeing open, competitive and enterprise-friendly markets, Nguoi Lao Dong Online reported, citing Audier.

The EuroCham chairman said that to take advantage of the EVFTA, it is necessary to establish an enterprise council so as to consider and assess the challenges facing firms once it takes effect from August 1.

Audier also suggested that Vietnam improve its administrative procedures to open the door for foreign investors and boost FDIs.

As Vietnam’s economy is gradually recovering now that the coronavirus pandemic has been successfully contained, the EVFTA is expected to strengthen the cooperation between Vietnam and the European Union, he said.

After the EVFTA takes effect, one of the priorities is to continue administrative reforms, improve the business climate and modernize the legal framework.

Addressing the event, Minister Dung stated that since the beginning of the year, the Government has done away with 239 business conditions, removed over 6,770 of the total 9,926 products subject to specialized checks and cut 30 inspection procedures.

The handling of administrative procedures has been improved, while the one-door policy has been applied to public services, Dung added.

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