EU enterprises intend to expand investment in Vietnam

Wednesday, 2013-11-13 17:53:31
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EC Vice President Antonio Tajani speaking at the press brief
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Nhan Dan Online – European businesses and entrepreneurs want to increase their investment in Vietnam, particularly in the tourism, agri-business and manufactured goods sectors, according to a senior European Commission (EC) official.

Speaking at a press conference in Hanoi on November 13, Vice President of the European Commission Antonio Tajani said that his business delegation, consisting of 47 representatives from EU industry associations and companies, had come to Vietnam in order to explore market information, seek potential partnerships and establish joint ventures in several key areas of joint EU-Vietnam business.

Emphasising the importance of establishing and strengthening tourism co-operation between the two sides, Vice President Tajani and Hoang Tuan Anh, Vietnam’s Minister of Culture, Sports and Tourism, signed a letter of intent on co-operation in the field of sustainable tourism early this morning.

The agreement sets up a periodic dialogue and exchange of information between related agencies responsible for tourism on initiatives in the field of tourism. These exchanges are meant to ensure the development of a sustainable, competitive tourism industry both in the EU and in Vietnam.

In a bid to lure more tourists to Europe from Vietnam and other Asian countries, EU members plan to enact more flexible visa regulations for businessmen and tourists alike, Tajani added.

To help small and medium sized enterprises (SMEs) on both sides prosper in a business-friendly economic environment, a further letter of intent was signed to establish a dialogue on SME Policy between the EC and the Vietnamese Ministry of Planning and Investment.

The dialogue will pay particular attention to the exchange of best practices to create SME-friendly legislation. This will be achieved by setting up public–private business consultations and co-operation in research and innovation, the internationalisation of and co-operation between SMEs and the development of strong business associations.

SMEs require more favourable conditions to do business in Vietnam, Tajani said, adding that access to financial services, transparency, operational business frameworks and an equal playing field for SMEs are among the most important factors.

After the fifth round of negotiations in Hanoi last week, the EU-Vietnam Free Trade Agreement is expected to be finalised by the end of 2014. It is hoped that the FTA will help develop trade ties and improve business environments while contributing to economic development on both sides.

From November 12-13, EC Vice President Tajani led an EC mission to Vietnam as part of the EU’s efforts to deepen economic relations with countries in the dynamic ASEAN region, including Vietnam.