EU-Vietnam Business Council founded to support implementation of EVFTA
The EU-Vietnam Business Council is meant to support the Vietnamese business community to tap into the potential of the EU-Vietnam Free Trade Agreement.
The European Chamber of Commerce (EuroCham) and the Vietnam Chamber of Commerce and Industry (VCCI) announced the establishment of the EU-Vietnam Business Council (EUVBC) on October 22 with the aim of supporting the smooth and successful implementation of the EU-Vietnam Free Trade Agreement (EVFTA).
|Chairman of VCCI Vu Tien Loc (left) and Chairman of EuroCham Nicolas Audier sign an agreement to establish the EUVBC|
The EUVBC will bring together representatives of the European and Vietnamese business communities to share insights and discuss common challenges in the implementation of this historic free trade agreement.
Jointly led by the presidents of EuroCham and VCCI, the EUVBC board will also include eight other members with four from each chamber of commerce. The council will also establish a number of line-of-business-based working groups, building stronger ties between Vietnamese and European companies and increasing knowledge sharing in specific industries.
The council will publish regular papers on the progress of the implementation of the EVFTA, and meet with high-level representatives of the European Commission in Brussels and the Vietnamese government to share updates from companies on the ground.
Speaking at the event, Dr. Vu Tien Loc, chairman of VCCI, said that the Council will represent the voices of Vietnamese and EU businesses in the EVFTA implementation, and acts as a bridge to forward opinions of businesses to the Government and relevant agencies of both Vietnam and the EU.
“EuroCham is proud to establish this new forum with VCCI, and to reaffirm the strong and effective relationship between our two chambers at the beginning of this new chapter of EU-Vietnam trade and investment relations,” said Chairman of EuroCham Nicolas Audier.
In force since August 1, the EVFTA is the most comprehensive and ambitious free trade agreement ever signed between the EU and a developing nation, and just the second FTA signed with an ASEAN member state.
As the agreement has entered into force, 65% of EU exports to Vietnam are tariff-free, along with 71% of Vietnam’s exports to the European Union. This will rise to almost 99% over the next decade, giving Vietnamese enterprises privileged access to Europe’s large consumer market and EU business better access to Vietnam’s fast-growing sectors and industries.
- HoSE releases information on proprietary trading
- Microsoft seeks greater cooperation with Vietnam in digitalization
- Vietnam targets to have 10 SOEs with over US$5-billion market cap by 2025
- Vietnam’s e-commerce: driver for economic recovery in post-Covid-19
- US gives top priority to relations with ASEAN
- Vietnam’s economy maintains recovery trend
- Vietnam seeks closer economic cooperation with US: PM
- Petrol prices in Vietnam set new record
- Higher quality standards to ensure Vietnam’s sustainable trade with EU
- Regional focus on supporting Vietnam’s post-Covid recovery: Standard Chartered
SEA Games 31: Vietnam and Thailand to compete for football gold medal
Hanoi earmarks US$1 billion for Ring road No.4 project
Where to go and what to do in Hanoi for locals and tourists?
Exhibitions mark President Ho Chi Minh’s 132nd birthday anniversary
The Vietnam-US comprehensive partnership facilitates investment activities: PM
FPT opens new office in New York, 10th in US
Vietnam’s e-commerce: driver for economic recovery in post-Covid-19
Vietnam, Qualcomm boost cooperation for 5G development
SEA Games 31 delegates get free Hanoi Bus Tour