10:39 | 03/04/2016 Investment
(VEN) - The European Chamber of Commerce in Vietnam (EuroCham) published this year’s White Book on Trade, Investment Issues and Recommendations, recording Vietnam’s continuous efforts in improving the business environment and promoting foreign direct investment (FDI) attraction.
French investors have paid attention to PPP investments for transport projects
According to the 2016 White Book, Vietnam has experienced basic changes to increase attractiveness and competitiveness thanks to its participation in the ASEAN Economic Community (AEC), the EU-Vietnam Free Trade Agreement (EVFTA) and the Trans-Pacific Partnership (TPP).
Vietnam has made a series of key legal changes, with the adjustment of some laws and regulations in terms of foreign investment, real estate, enterprises and foreign ownership limits.
The amended laws on investment and enterprise have created favorable conditions for mergers and acquisitions and reducing the cost and duration in implementing administrative procedures or the amended Housing Law has allowed foreigners to own real estate in Vietnam.
EuroCham Chairwoman Nicola Connolly said that Vietnam has changed vigorously in socioeconomic development, with many positive results to be an attractive destination in the eyes of European companies thanks to the golden population structure, dynamic labor force and cheap labor costs as well as a gateway to ASEAN. The opening of almost all services following integration commitments and the application of investment incentives such as cutting taxes in high-tech, environmental technology and agriculture have engaged the interests of European companies. In particular, opportunities will be added after the EVFTA is signed.
The 2016 White Book quoted the World Economic Forum’s Global Competitiveness Report 2015-2016 that ranked Vietnam 56th among 144 economies, an increase of 12 places compared to the previous report.
However the Vietnamese business environment needs to further improve such as improving auditing standards, simplifying business registration procedures and facilitating business start-ups.
EuroCham Chairwoman Nicola Connolly said that the completion of EVFTA negotiations was an important step in trade and investment relations between the two sides.