Vietnam's business opportunities introduced to Swiss enterprises

Wednesday, 2021-07-21 16:04:10
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Vietnam is transforming its economic development model based on high technology and green growth. (Illustrative image)
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NDO – A seminar entitled “Vietnam: An open and dynamic market - Opportunities for Swiss enterprises and investors” was held in Geneva on July 20 with the aim of promoting business opportunities in Vietnam as well as the country’s culture and cuisine.

The event was organised by the Permanent Mission of Vietnam to the United Nations, the World Trade Organisation and other international organisations in Geneva as part of the activities to mark the 50th anniversary of the diplomatic ties between Vietnam and Switzerland (1971-2021).

Speaking at the seminar, Ambassador Le Thi Tuyet Mai, head of the Vietnamese mission talked about the business environment in Vietnam and reviewed some highlights of the economic relationship between Vietnam and Switzerland.

The Ambassador also highlighted breakthroughs in Vietnam's socio-economic development strategy, particularly the government's efforts to promote digital transformation, innovation and start-ups and the improvement of the business environment and increase in trade in order to achieve the goal of sustainable development.

Switzerland is currently the 6th largest European investor in Vietnam and 19th among all countries and territories investing in Vietnam. More than 100 Swiss businesses are operating in Vietnam.

Besides good political and diplomatic relations, trade, investment, development cooperation, humanitarian aid and person-to-person exchanges between the two countries have also increasingly expanded.

Delegates agreed the two countries still have significant potential to foster trade and investment, particularly as Vietnam is transforming its economic development model based on high technology and green, sustainable growth.

Founder and President of the Swiss-Vietnamese Business Gateway Nguyen Thi Thuc said that the Vietnamese market, with its nearly 100 million people, offers a big opportunity for Swiss enterprises thanks to its abundant labour, reasonable labour costs, tax incentives from the Government, a growing start-up ecosystem, and others.

Representatives of Swiss enterprises said that Vietnam and Switzerland share complementary advantages, excellent diplomatic relations and friendliness between the two peoples. Opportunities and the potential for economic cooperation between the two countries in the future remain significant, especially in the banking sector.

The participants in the seminar also shared their experiences regarding the Vietnamese market while pointing out some strengths and weaknesses of Vietnam that needs to be addressed in order to attract more foreign investors.