European firms more positive about Vietnam’s business climate
European businesses are more positive about Vietnam’s trade and investment environment in the first few months after COVID-19, the Business Climate Index (BCI) unveiled by the European Chamber of Commerce in Vietnam (EuroCham) on July 22 showed.
HCM City (VNA) – European businesses are morepositive about Vietnam’s trade and investment environment in the first fewmonths after COVID-19, the Business Climate Index (BCI) unveiled by theEuropean Chamber of Commerce in Vietnam (EuroCham) on July 22 showed.
Accordingly, during the COVID-19 pandemic, whensocial distancing and travel restrictions brought normal business operations toa halt, the EuroCham BCI fell to its lowest-ever score of 27 percent in thefirst quarter of 2020.
However, after the Government implemented aworld-leading public-health and economic response, Vietnam was able to returnto business-as-usual much sooner than other countries, who continue to strugglewith the impact of the virus.
As a result, the positive sentiment of Europeanbusiness leaders began to bounce back, recording a 7 percent jump betweenFebruary and April to reach 34 percent.
The BCI also found that more than 25 percent ofEuropean enterprises had benefitted from the Government’s postponement of tax,while around one-in-five had benefitted from a reduction in rent and asuspension of social insurance contributions.
Despite these positive signs, however,challenges remain for European enterprises, according to the survey.
A large proportion, 88 percent of theinterviewed businesses, felt negative effects as a result of the pandemic inthe three months to April. Meanwhile, more than 50 percent said that areduction in taxes such as corporate income tax, personal income tax and valueadded tax would help them emerge stronger from the crisis.
Chairman of EuroCham Nicolas Audier said: “Thisdata is further evidence that Vietnam is one of the international successstories of the COVID-19 pandemic. It also shows that the Government’s effectiveand sure-footed handling has had a tangible impact on the confidence ofEuropean business leaders.”
The next challenge will be adapting to the “newnormal” where COVID-19 is present in other countries but where global traderemains essential to domestic economic growth. This will require imaginativesolutions to address issues such as the return of foreign experts on whom manyinternational companies depend, he added./.
Vietnamese exporters have been advised to make preparations so as to stay ready for orders from Europe when the EU-Vietnam Free Trade Agreement (EVFTA) takes effect and the COVID-19 pandemic is stamped out.
The European Union – Vietnam Free Trade Agreement (EVFTA), recently ratified by the Vietnamese legislature, will not only help Vietnam boost production and exports but also enable European firms to increase their presence in this emerging Asian nation, said the German media.
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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.
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Chairman of EuroCham Nicolas Audier (Photo: VNA) 
