European companies are more confident in doing business in Viet Nam: Whitebook

According to EuroCham's 2024 Whitebook, investors from European companies are also more confident now in doing business in Viet Nam.

The country's global investment, however, appeals strongly as 63 percent of surveyed businesses positioned Viet Nam among their top 10 FDI destinations, with 31 percent ranking Viet Nam among their top three.

To improve the nation’s FDI attraction, 58 percent of respondents said streamlining bureaucracy is key, 48 percent advocated for enhancing the regulatory environment, one-third called for upgrading transport infrastructure, and 22 per cent suggested easing visa and work permit requirements for foreign experts.

Additionally, only 20 percent of firms are proactively preparing for impending EU green regulations, such as the Carbon Border Adjustment Mechanism (CBAM).

Meanwhile, 38 percent of the respondents currently have no plans for alignment. This distinct lack of preparedness not only poses challenges domestically, but can hinder international competitiveness, especially in the crucial EU market.

Chairman of EuroCham in Viet Nam Gabor Fluit said the Southeast Asian country has worked diligently to develop its economy, generating new jobs, developing new industries and improving livelihoods nationwide.

He highlighted the importance of the EU-Viet Nam Free Trade Agreement (EVFTA), which has played a crucial role in boosting bilateral trade between Viet Nam and the EU, bringing total trade volume from US$57.81 billion in 2019 to US$66.78 billion in 2022, a 15 percent increase.

Ambassador of the European Union to Viet Nam Julien Guerrier said that to boost trade and economic growth, openness and transparency should be continuously improved, and public administration should be modernized.

Erik Contreras, Chairman of the EuroCham Green Growth Sector Committee said, "We aim to partner with Viet Nam to champion next-generation sustainability solutions across key industries. We stand eager to share global expertise on everything from waste management innovations to energy-efficient building design."

"To support Viet Nam’s renewable energy future, we recommend focused cooperation on streamlining clean power investments and purchase agreements. It is necessary to swiftly deliver effective regulations to enable the delivery of green energy growth that will maximize Viet Nam’s potential in this area whilst also providing a socioeconomic boost to the supply chain and labor force", Erik Contreras said./.