VOV.VN - Vietnam has a golden chance of taking full advantage of the benefits from the European Union – Vietnam Free Trade Agreement (EVFTA) and attracting foreign direct investment (FDI) from EU firms who are seeking to invest in open, competitive, and business-friendly markets.
|EuroCham Chairman Nicolas Audier says Vietnam has the golden chance of implementing and benefitting from the EVFTA (Photo: VGP)
These statements come from Nicolas Audier, Chairman of the European Chamber of Commerce in Vietnam (EuroCham), at a dialogue themed “Administrative Reforms: Key Role in Implementation of EVFTA” held in Hanoi on June 30 between EuroCham and the Government’s Advisory Council for the Administrative Procedure Reform.
Audier noted that the country could potentially become a role model globally in terms of dealing with the novel coronavirus (COVID-19) pandemic following its initial success in having contained the disease in recent times.
This therefore marks an appropriate time for Vietnam to successfully implement the EVFTA as it is now undergoing a recovery from the economic impact of the COVID-19 pandemic, while the EVFTA will help to promote relations between both the EU and Vietnam, outlined the executive.
To make full use of the EVFTA, Audier believes that Vietnamese authorities, the EU, and the business community should come together to implement solutions aimed at ensuring the efficiency of its enforcement. Measures include the establishment of the EVFTA business council which would review challenges that occur during the implementation and co-ordination process.
It is therefore important for Vietnam to make a greater effort to accelerate administrative reforms once the EVFTA comes into full effect in August. This should be done by streamlining business conditions and improving the overall investment environment in order to create an open and transparent environment for businesses to operate in, Audier stressed.
The EuroCham leader said this is the key reason for EuroCham to publish the Whitebook 2020, its 12th edition, aimed at sharing FDI attraction goals with the Government. The annual publication offers a summary of recommendations and important issues that the government should address in an effort to improve their respective business environment, increase trade and investment ties with the European Union.
|Delegates share ways to accelerate administrative reforms, considering them key role in implmenting the trade deal
Mai Tien Dung, Chairman of the Government Office and Chairman of the Advisory Council for the Administrative Procedure Reform, acknowledged the EuroCham's efforts in releasing the Whitebook 2020, adding that the publication substantially reflects the aspirations of the European business community to further enhance the business environment in Vietnam.
Dung stated that the country has been able to successfully curb the spread of the COVID-19 and has entered into a new normal period, with the dual aim of realising goal of epidemic control and economic recovery. Despite its economic growth forecast for the year being only between 2.7% and 4.9%, international organisations consider Vietnam to be one of the few countries likely to achieve positive growth after suffering from less of an impact caused by the epidemic when compared to many other countries.
According to Dung, to cushion the impact of the pandemic, Prime Minister Nguyen Xuan Phuc has introduced a range of practical solutions aimed at ironing out business snags, accelerating public investment disbursement, and ensuring social security.
Since the beginning of the year, Dung said the Government has been able to streamline 239 business conditions, therefore saving millions of working days in the process, equivalent to VND3,150 billion. The improvement of administrative procedures and public services through the implementation of the one-stop shop mechanism has so far received positive feedback from both businesses and people.
The Government therefore welcomes, respects, and listens to firms as they share their obstacles and solutions in order to make the business climate more productive, Dung concluded, adding the Government is committed to instructing both ministries and agencies to remove obstacles faced by businesses.