Tuesday, 16 Oct 2018
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ECONOMY

Europe businesses back early implementation of EVFTA

Updated at Tuesday, 09 Oct 2018, 16:10
The Hanoitimes - “This report provides clear evidence that the EVFTA is a ‘win-win’ for Europe and Vietnam," said Co-Chairman of EuroCham Nicolas Audier.
Nine out of ten European companies want the EU-Vietnam Free Trade Agreement (EVFTA) to be implemented in 2019 or as soon as possible thereafter, according to new research from the European Chamber of Commerce in Vietnam (EuroCham).
EVFTA is a win-win agreement for both Vietnamese and European businesses
EVFTA is a win-win agreement for both Vietnamese and European businesses
EuroCham released the data at an event in Brussels to launch its latest report titled “The EVFTA: Perspectives from Vietnam” on October 8, together with amfori and BusinessEurope. This launch event is part of a EuroCham mission to the European Parliament and European Commission to push for a quick ratification of the EVFTA.

EuroCham’s report includes the results of a new survey of the Chamber’s members, who were asked how the EVFTA will affect their business operations in Vietnam.

Just under 80% believe that the EVFTA will have either a ‘Significant’ or ‘Moderate’ impact on their business in the medium and long-term. Meanwhile, over 80% believe that the FTA will make Vietnam more competitive, while 72% said that it will help Vietnam to become a hub for European business in the ASEAN region.

On top of the positive economic benefits, EuroCham members believe that the EVFTA will help to improve a range of social and environmental issues in Vietnam, from ‘Knowledge transfer and local workforce advancement’ to ‘Workers’ rights’. For example, a third of EuroCham members believe that the EVFTA will have a ‘Significant’ impact on improving ‘Sustainable development and environmental protection’.

“This report provides clear evidence that the EVFTA is a ‘win-win’ for Europe and Vietnam. Our members paint a positive, optimistic picture of the agreement, with 85% anticipating a significant or moderate impact on their business and investment plans in the long-term,” said Co-Chairman of EuroCham Nicolas Audier.

Meanwhile, 80% of EuroCham members believe the EVFTA will improve Vietnam’s competitiveness compared to other countries such as China, Japan and South Korea. And over 70% see Vietnam becoming a hub for European business in the ASEAN region, he added.

Audier informed that EuroCham is leading a delegation of business leaders to Brussels this week to take this positive message to the heart of Europe. The delegation will meet with the highest levels of decision making in the European Parliament and EU Commission, to highlight the impact that the EVFTA will have not just on bilateral trade and investment, but on the entire economic, social and environmental fabric of Vietnam.

“There is a lot of movement in the country, and the interest in strengthening ties with the EU has increased. I see the opportunity for the EU and Vietnam to strengthen their partnership, not only on an economic level but going much beyond that,” said Bernd Lange, chair of the Committee on International Trade (INTA) after his recent visit to Vietnam.
Anh Minh
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