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Sep 10, 2022 / 11:29

Vietnam considered most attractive investment destination in ASEAN for European investors

The EU gives priority to its partnership with Vietnam in the Indo-Pacific region.

Vietnam remains among the most attractive investment destinations amid growing global uncertainties and the number one in ASEAN for European investors.

 Overview of the meeting. Source: VGP

Chairman of the European Parliament (EP)’s Committee on International Trade (INTA) Bernd Lange stressed the view during a meeting with Prime Minister Pham Minh Chinh on September 9.

At the meeting, the Vietnamese prime minister said Vietnam remains steadfast in pursuing independent foreign policies with a focus on self-reliance, multilateralism, and global integration.

“In this process, the EU remains a key partner for Vietnam,” Chinh said.

Chinh expressed his delight at the strong process in the Vietnam-EU comprehensive partnership, as both parties have now set up required legal frameworks for cooperation in the fields of politics, economy-trade-investment, agriculture, defense-security; and maintaining frequent communications/dialogues.

According to Chinh, economic and investment cooperation remain key pillars in Vietnam-EU relations, in which the EU-Vietnam Free Trade Agreement (EVFTA) after two years of implementation has contributed a major part in ensuring a steady rise in investment and trade between the two sides.

Chinh called for the EU to continue creating favorable conditions for Vietnamese exports to the EU, and the soon approval of the EU-Vietnam Investment Protection Agreement (EVIPA) to further boost bilateral economic relations.

He suggested the EU soon lift its yellow card imposed on Vietnam’s seafood shipments for the issue of illegal, unreported, and unregulated fishing (IUU), and provide technical assistance for the country in this regard.

“The Vietnamese Government is committed to creating a fair and stable business environment, and stands ready to listen to any recommendations to improve administrative procedures, and create a favorable legal environment for foreign investors, including those from the EU,” Chinh added.

 Delegates at the meeting. 

Chinh also noted that Vietnam would continue to implement its commitments in the EVFTA, including those related to sustainable development.

The Vietnamese leader expected both sides to keep close communication at all levels; promote dialogue to enhance understanding and cooperation in the fields of climate change, sustainable development, green growth, and renewables in the coming time.

Regarding cooperation in environment and climate change, Chinh requested the EU to create favorable conditions for Vietnam during the negotiations toward the establishment of a Just Energy Transition Partnership with the G7, based on fairness and justice; and for the EU to support Vietnam in promoting the production of renewable equipment and accessing preferential green finance.

On this occasion, Chinh reaffirmed Vietnam’s support for ASEAN-EU strategic partnership.

For his part, Bernd Lange noted Vietnam is one of the key partners of the EU in the region, and the EP remains supportive of EU-Vietnam relations in all spheres, especially as the bloc is shifting priority toward the India-Pacific region.

Lange expressed his impression of Vietnam’s achievements in Covid-19 containment and economic recovery and highlighted the country’s efforts in realizing its commitments to the EVFTA.

The INTA Chairman agreed to work with EU members on the soon ratification of the EVIPA.

He stressed the huge potential in cooperation between Vietnam and the EU in climate change response, environmental protection, green growth, and energy transition, saying the EU is pushing for several initiatives in the green transition, such as Fit for 55, with Vietnam being a member.

Hanoi attracted over $1 billion in foreign direct investment (FDI) during the nine months, up 18% yearly. Of the total, the city issued licenses for 262 new projects worth $183 million, up 6.5% in the number of projects and 12.5% in the capital. The city is fast becoming one of Vietnam's most attractive destinations for foreign investors, especially those from Europe, thanks to its modern infrastructure networks and favorable business environment.