Vietnam-EU Trade Forum Held in Hanoi

The European Business Association in Vietnam January 13 organized a Vietnam-EU trade forum in Hanoi discussing measures to lure more foreign investors in Vietnam amid the global economic downturn.

 

Speaking at the forum, President of the European Chamber of Commerce (Amcham), Alain Cany noted that Vietnam should take urgent measures to sharpen competitiveness and turn the country into an attractive destination for foreign investors.

 

In order to improve competitiveness, Vietnam should strictly obey trade rules set by the World Trade Organization (WTO) and the EU and improve its tax environment to further encourage FDI inflow into the country, said Antonio Berenguer, Trade Counselor of the European Commission Delegation to Vietnam

 

Deputy Minister of Industry and Trade Le Danh Vinh affirmed that Vietnam will pay due attention to streamlining administrative procedures, preventing corruption and completing the construction of a full market economy.

 

Currently, the EU is one of Vietnam’s most important export markets. Two-way trade between Vietnam and the EU climbed to US$17.4 billion in 2007. Germany, the U.K., France and Holland are Vietnam’s major export markets with annual average growth of between 20 per cent-30 per cent.

 

In the first eight months of 2008, the figure was already US$14.9 billion.

 

European businesses invested US$24.5 billion in almost all sectors in Vietnam by late 2007.

(Vietnam Law, VOV)