In the context of the Vietnam-EU Free Trade Agreement (EVFTA) which took effect on August 1, 2020, the President of the Vietnam Chamber of Commerce and Industry (VCCI) and the President of the European Business Association In Vietnam (Eurocham) has agreed to jointly launch an initiative to establish the Vietnam – Europe Business Council (EVBC).
This is a cooperation mechanism between the two organizations to contribute to the effective implementation of EVFTA, support businesses of both sides to make the most of the opportunities provided by the Agreement, and contribute to further strengthening the relationship. trade and investment cooperation between Vietnam and the European Union. This initiative was reported to Prime Minister Nguyen Xuan Phuc, High Commissioner for Trade of the European Union (EU) Cecilia Malmstrom; Phil Hogan and was welcomed.
Representatives of VCCI and Eurocham signed a document to establish the Vietnam – Europe Business Council
The Vietnam-Europe Business Council is a cooperative mechanism that brings together representatives of the European and Vietnamese business communities, is a source of useful information sharing and a place to discuss common challenges in implementation of this historic Agreement.
Effective August 1, EVFTA is the most comprehensive and ambitious free trade agreement ever concluded between the EU and a developing country, and is the second Agreement the EU has signed with a single developing country. member of ASEAN. Currently the Agreement has come into effect, with 65% of goods exported from the EU to Vietnam and 71% of goods exported from Vietnam to the EU are exempt from tax. This figure will increase to 99% in the next 10 years, giving Vietnamese businesses the privilege of accessing Europe’s large consumer market, and vice versa, EU businesses also have better access. to Vietnam’s rapidly growing sectors.
Member of the Board of Directors. Photo: Viet Tuan
Speaking at the event, Mr. Vu Tien Loc, Chairman of VCCI said that over the years, the Vietnam Chamber of Commerce and Industry (VCCI) and the European Business Association in Vietnam (Eurocham) have always been in parallel. and closely promote efforts of the process of negotiating, reviewing, exchanging and discussing the signing of the Vietnam – EU Free Trade Agreement (EVFTA).
“We are delighted and thankful for the determination of the Vietnamese Government and the EU’s Competent Authorities over the years to sign the two Agreements. The Vietnam – Europe Business Council is born. From the desire to support the Vietnamese and EU business communities, especially small and medium-sized businesses, can “join the EVFTA expressway.” On that highway, Vietnamese businesses are sure to have to deal with this. face with many difficulties and unavoidable psychological fear, anxiety, but not so without “going to the high speed”.
The Council will represent the voices of Vietnamese and EU businesses in the EVFTA implementation. The Council will be a bridge to bring opinions of businesses to the Government, the authorities of both Vietnam and the EU. Thank you Eurocham for agreeing with us. Thank you for the trust and support of the business community. I believe you make good use of this Agreement, ”said Mr. Vu Tien Loc.
Also at the event, Mr. Nicolas Audier, President of EuroCham emphasized that EVFTA is a new generation of Free Trade Agreement. Over the next decade, the Agreement will help boost trade and investment to thrive between Vietnam, one of the fastest growing and most attractive markets in the world – with the European Union, the largest trading bloc. world. This is an intrinsic ‘win-win’ opportunity for companies and consumers alike.
“Now that the EVFTA comes into effect, the successful implementation of the Agreement and ensuring the parties can fulfill their full potential depends greatly on the business community of both sides. EuroCham is proud to establish. Therefore, the Vietnam – Europe Business Council is together with VCCI, and we want to reaffirm the close and effective cooperation between EuroCham and VCCI when opening a new chapter in trade and investment relations between Vietnam and Vietnam. European Union “, Mr. Nicolas Audier said.