10:56 | 27/03/2018 Economy
Vietnam continues to be an attractive investment destination for European companies thanks to its improving business environment, said Guru Mallikarjuna, managing director of Bosch Vietnam.
|The EU’s foreign direct investment pledges hit US$1.835 billion last year|
The statement was made at the launch of the European Chamber of Commerce in Vietnam’s White Book 2018 in Ho Chi Minh City on March 21.
A better business climate helps the Vietnamese market become more open and integrated, thereby facilitating foreign enterprises, said the Bosch Vietnam director.
In addition to manufacturing, European investors are able to invest in other fields, such as human resources training, smart cities, infrastructure and green development.
According to Nicolas Audier, a Eurocham co-chairman, the trade and investment relationship between the EU and Vietnam can achieve positive results in 2018 thanks to the EU-Vietnam Free Trade Agreement (EVFTA) which is expected to come into force this year.
However, it is necessary for Vietnam to quickly improve its business climate, said Audier, advising that one of most important measures is to reduce international tariffs and remove trade barriers.
The Eurocham co-chairman added that policy support is the group’s central activity to enhance the business and investment environment in Vietnam.
According to representatives of the Ho Chi Minh City authorities, the EU’s White Book provides them with useful recommendations so that they will be able to introduce the appropriate policies to create the most favourable conditions for foreign businesses.
The EU is currently one of the major trading partners of Vietnam whose exports to the union reached US$38.3 billion in 2017, up 12.8% from a year earlier, while Vietnam also imported US$12 billion worth of goods from the EU.
The EU’s foreign direct investment pledges hit US$1.835 billion last year.