June 19, 2023

EuroCham Chairman Gabor Fluit discusses Vietnam’s competitive edge and future challenges in attracting foreign investment

EuroCham Chairman Gabor Fluit made an appearance on VTV4’s Vietnamese-language program, “What did the international press say about Vietnam in the past week?” on June 19, where he provided insights into Vietnam’s attractiveness as an investment destination. During the program at 6’36”, Mr. Fluit discussed Vietnam’s comparative advantages over neighboring countries and highlighted the challenges it faces in maintaining its competitive edge. 

 

See the full Vietnamese-language “What did the international press say about Vietnam in the past week?” program by clicking here.

 

In his comparison of Vietnam with other regional counterparts, he observed an increasing interest among European Union companies in considering Vietnam alongside Malaysia, Indonesia, Thailand, and the Philippines for investment decisions. While these countries still heavily rely on coal-fired power plants, they are actively working to improve their electricity grids and ensure stable energy supply. Mr. Fluit pointed out that Thailand offers highly accommodating labor permits, while Vietnam has somewhat lost its competitive edge in this aspect. Nonetheless, Vietnam has taken a proactive approach by analyzing its success in attracting foreign direct investment and developing a strategic plan.

 

Mr. Fluit highlighted the forthcoming changes in Europe’s sustainable food supply sources, particularly after 2025. Stricter regulations, including potential import bans on agricultural products produced on deforested land, are expected to be implemented. Fortunately, Vietnam possesses a significant portion of agricultural land that complies with these future EU regulations. However, he emphasized the need for investments in demonstrating compliance and obtaining the required certifications. By taking early action in this regard, Vietnam can gain a genuine competitive advantage in the future.

 

His insights were further discussed during the VTV4 9 pm news bulletin on June 19. At the 21’23” mark, he acknowledged Vietnam’s success in attracting FDI through tax incentives, infrastructure improvements, and a favorable business environment created by free trade agreements. These factors have propelled Vietnam ahead of other countries in the region. Nevertheless, Mr. Fluit recognized that neighboring nations are closely observing Vietnam’s accomplishments and using them as a benchmark to formulate their own strategies for attracting FDI.

 

See the full 9pm News program by clicking here.

 

His remarks underscore the importance of Vietnam’s continuous efforts to remain competitive in the global investment landscape. While the country possesses existing advantages, it must proactively address areas where it has fallen behind neighboring nations. By analyzing its achievements and formulating a comprehensive strategic plan, Vietnam can sustain its appeal to foreign investors. Additionally, Mr. Fluit’s emphasis on compliance with future EU regulations highlights the need for Vietnamese companies to invest in sustainability and acquire the necessary certifications. Taking immediate action in these areas will enable Vietnam to establish itself as a preferred source of sustainable agricultural products, thereby gaining a clear advantage in the international market.

 

 

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