EVFTA makes Vietnam more attractive to EU investors: German media

Foreign investors, especially those from the EU would find it more appealing to land investment in Vietnam when the EVFTA takes effect, according to German broadcaster Deutsche Welle (DW).

EVFTA makes Vietnam more attractive to EU investors: German media

In a story posted on its website, DW said the trade agreement would be the most ambitious the EU has ever negotiated with a developing country, which abolishes 99 percent of customs duties, eliminates bureaucratic hurdles by aligning standards for goods like cars and medicine, and ensures easier market access for both European and Vietnamese companies.

On January 21, the EU Parliament’s International Trade Committee (INTA) will present a draft resolution of the EVFTA. If the European Parliament accepts the resolution during its plenary session in February, the EVFTA will come into force one month later.

The trade deal is a positive step for the economies of both Vietnam and the EU, DW quoted Vietnamese Ambassador to Germany Nguyen Minh Vu as saying.

In the context of trade tensions and rising protectionism, the EVFTA provides a strong signal of support from both sides for globalisation and unwavering commitments to a free and rules-based trade system, he said.

The Vietnamese diplomat also believed that the pact will significantly deepen the strategic partnership between Vietnam and EU economically and politically.

 

Vietnam’s economy has grown by an average 6.5 percent in the last five years, and foreign direct investment has played a large part in this. The EVFTA is expected to serve as a boon for Vietnam to lure more foreign investment in the time ahead. 

Currently, the EU is Vietnam’s 5th biggest foreign investors. It is reasonable to hope that the figure will increase significantly, Ambassador Vu said, adding 62 percent of investors from the EU have a positive opinion of doing business in the Southeast Asian country.

Meanwhile, Erwin Schweisshelm, former head of the Friedrich-Ebert Foundation in Vietnam said that the EVFTA is part of the EU’s wider economic strategy in Southeast Asia. The EVFTA would be the EU's second free trade agreement with a member of the Association of Southeast Asian Nations (ASEAN), a bloc with ten members and a population of 600 million people. In November 2019, the EU-Singapore free trade agreement entered into force.

“In long term, there could be an ASEAN-EU agreement”, he said.

The article also said that Vietnam has already ratified six of eight International Labour Organisation (ILO) standards, and commended the country’s adoption of revised Labour Code in November 2019 , allowing the creation of independent trade unions at the enterprise level that do not have to join the Vietnam trade union.

 
 

Other News

.
COVID-19 woes: Footwear exports likely to fall short of target
COVID-19 woes: Footwear exports likely to fall short of target
BUSINESSicon  17/09/2020 

Footwear exports this year are unlikely to hit the target of US$24 billion because of the fallout of the Covid-19 pandemic.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 18
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 18
BUSINESSicon  18/09/2020 

Mining industry unable to enjoy tax incentives

FTAs help attract more foreign investors to Vietnam
FTAs help attract more foreign investors to Vietnam
BUSINESSicon  17/09/2020 

Free trade agreements (FTAs) that Vietnam has signed with its partners have been an important factor attracting foreign investments to the country.

Real estate businesses struggling amid pandemic
Real estate businesses struggling amid pandemic
BUSINESSicon  17/09/2020 

The severe economic blows from COVID-19 have forced scores of businesses to suspend operations and even file for bankruptcy, with real estate companies among the hardest hit.

Apartment selling prices on the rise in Hanoi
Apartment selling prices on the rise in Hanoi
BUSINESSicon  17/09/2020 

Apartment prices have increased to a new level, particularly in center city areas.

Gov’t to ask NA to waive charges for water exploitation rights
Gov’t to ask NA to waive charges for water exploitation rights
BUSINESSicon  16/09/2020 

Thousands of businesses will not have to pay for the right to exploit water this year if a plan submitted by the Government is approved by the National Assembly.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 17
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 17
BUSINESSicon  17/09/2020 

Measures needed to support COVID-19-hit enterprises

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 16
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 16
BUSINESSicon  16/09/2020 

ADB cuts Vietnam GDP growth forecast to 1.8% in 2020

Large growth potential for Vietnam banking services in long-term
Large growth potential for Vietnam banking services in long-term
BUSINESSicon  16/09/2020 

Many listed banks witnessed weak performance of fee income growth in the first six months of the year due to the Covid-19 pandemic.

Number of hotels on sale reaches record in Vietnam
Number of hotels on sale reaches record in Vietnam
BUSINESSicon  16/09/2020 

Hotels for sale is reaching a record number in a decade in Vietnam.

Some businesses still thrive amid COVID-19
Some businesses still thrive amid COVID-19
BUSINESSicon  17/09/2020 

Many consumer goods and food retailers are opening new shops, while others have had to shut down and give back retail premises to landlords.

Hundreds of abandoned real estate projects in Hanoi to be inspected
Hundreds of abandoned real estate projects in Hanoi to be inspected
BUSINESSicon  16/09/2020 

The Prime Minister has assigned the Ministry of Natural Resources and Environment and Hanoi authorities to check reports in local newspapers about 300 pending or abandoned real estate projects in the city.

VN to be only country in region to attain positive growth in 2020: report
VN to be only country in region to attain positive growth in 2020: report
BUSINESSicon  15/09/2020 

Vietnam is expected to be the only Southeast Asian economy to achieve growth this year, with its GDP rising by a likely 2.3 per cent.

Rise for national pride
Rise for national pride
FEATUREicon  17/09/2020 

In the context of the Covid-19 pandemic which that has changed value chains, this is an opportunity for us to rethink and rise. The chance to catch up with the world is huge if the economy is restructured.

Vietnam ranked world’s second M&A attractive market: Euromonitor
Vietnam ranked world’s second M&A attractive market: Euromonitor
BUSINESSicon  15/09/2020 

The country is set to score 102 and 94.6 out of the maximum of 250 in 2020 and 2021, staying behind only the US with its respective scores of 108.9 and 112.5.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 15
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 15
BUSINESSicon  15/09/2020 

 Shrimp, tuna exports to EU see positive signs

The trio of ‘petrol tycoons’ in prison
The trio of ‘petrol tycoons’ in prison
BUSINESSicon  15/09/2020 

They are ‘Phat Oil’ in Hai Phong, ‘Son Iron’ in Thanh Hoa, and Trinh Suong in Soc Trang.

Vietnam’s breeding farms: pigs eat ginseng, buffaloes drink wine
Vietnam’s breeding farms: pigs eat ginseng, buffaloes drink wine
BUSINESSicon  17/09/2020 

At some breeding farms in Vietnam, livestock is raised in a special way: eels are bred in plastic cans, pigs eat ginseng and listen to music, and buffaloes drink wine every morning.

Stagnated construction leads to large steel inventories
Stagnated construction leads to large steel inventories
BUSINESSicon  14/09/2020 

The COVID-19 pandemic has led to many construction and real estate projects being delayed, resulting in large inventories of construction materials, especially steel.

Origin fraud threatens local exporters
Origin fraud threatens local exporters
BUSINESSicon  15/09/2020 

After a local silk importer was recently found to be disguising Chinese products as Vietnamese to sell them in India, experts have warned of the risks of losing out on exports and preferential tariffs due to intellectual property (IP) violations.

 
 
 
Leave your comment on an article

OR QUICK LOGIN