European enterprises optimistic about Vietnam’s economy: EuroCham
European firms have shown their optimism about the Vietnamese economy, which is recovering strongly after the COVID-19 pandemic, Vice Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Nguyen Hai Minh has said.
The Vietnamese economy is recovering strongly after the COVID-19 pandemic. (Photo: VNA)
Hanoi (VNA) – European firms haveshown their optimism about the Vietnamese economy, which is recovering stronglyafter the COVID-19 pandemic, Vice Chairman of the European Chamber of Commercein Vietnam (EuroCham) Nguyen Hai Minh has said.
According to Minh, despite the globalsupply disruptions induced by the pandemic, Vietnam still exported more than 35.1 billionUSD worth of goods to the EU in 2020 and over 40 billion USD last year.
Meanwhile, the Southeast Asian nation imported 14.6billion USD and 16.7 billion USD worth of commodities to the bloc in the two years, respectively.
In the first eight months of this year, Vietnam’sexport revenue to the EU was valued at 31.9 billion USD, up 23.6%, resulting ina trade surplus of up to 21.6 billion USD, a rise of 46.4%.
The figures have reflected positive impacts ofthe EU-Vietnam Free Trade Agreement (EVFTA), he noted.
However, Minh said, European enterprises in Vietnamsaid they have benefited more from the EVFTA as the country’s export to the EU mainly came from FDI firms.
EuroCham member businesses and even those that haveyet to invest in Vietnam expressed their hope that the EU-Vietnam InvestmentProtection Agreement (EVIPA) will soon be approved and take effect, paving wayfor European firms to expand investments in the Southeast Asian nation.
Minh also cited the Business Climate Index (BCI)released by EuroCham showing that European business stakeholders' confidence inVietnam's investment environment declined slightly in the second quarter ofthis year to 68.8% due to external factors.
Up to 60% of respondents predicted that theVietnamese economy would stabilise or improve in the third quarter of 2022, 45%were significantly or moderately satisfied with Vietnam's efforts to attractand retain foreign direct investment (FDI), and 76% expected toincrease FDI in the country before the end of the third quarter.
55% of respondentssaid Vietnam improved its FDI attraction and retention capabilities since thefirst quarter.
Regarding the link between green growth and FDI,nearly 90% of respondents said that Vietnam should increase green economy development to attract more foreign investment.
Minh said apart from the above-said advantages,Vietnam’s improved administrative procedures have also helped to attractforeign investors, including those from the EU.
He also noted that many EU enterprises are still concernedabout specialised inspections in Vietnam, which remain overlapping./.
After two years of enforcement, the EU - Vietnam Free Trade Agreement (EVFTA) has generated initial results, but rising inflation in the EU and the euro depreciation are affecting Vietnamese firms, requiring urgent solutions to those difficulties.
Vietnam is gaining a stronger foothold in the EU market, though the COVID-19 wreaked havocs on both sides, after the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020.
The socio-economic impacts of the two-year-old EU-Vietnam Free Trade Agreement (EVFTA) along with issues that the deal poses for Vietnam were under focus at a scientific seminar held in Hanoi on August 4.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
The Vietnamese economy is recovering strongly after the COVID-19 pandemic. (Photo: VNA) 
