EuroCham spoke at the ASEAN+3 “Regional Economic Outlook: Resilience and Growth in a Changing World”

On 25th May, EuroCham Vice-Chairman Mr. Tomaso Andreatta attended a panel discussion at the ASEAN +3 seminar: Regional Economic Outlook: Resilience and Growth in a Changing World, organised by Ministry of Finance and the ASEAN+3 Macroeconomic Research Office (AMRO).

The seminar was attended by representatives from Government agencies, international organisations, research institutions, and the private sector. Dr. Vu Nhu Thang, Director-General of the International Cooperation Department, Ministry of Finance (MOF), moderated the discussion panel, which consisted of AMRO Chief Economist Dr. Hoe Ee Khor; Dr Sebastian Eckardt, World Bank Lead Economist for Vietnam; Mr. Ngo Van Duc, Deputy Director, Payment System Department, State Bank of Vietnam; Dr. Nguyen Duc Thanh, President of Vietnam Institute for Economic and Policy Research (VEPR); and Mr. Tomaso Andreatta from EuroCham.

To enhance business resilience, EuroCham’s Vice-Chairman shared the Chamber’s recommendations to help Vietnamese businesses grow through intra-regional trade and investment flows and regional free trade agreements such as the upcoming EU-Vietnam Free Trade Agreement. He also shared the Chamber’s view on Government policies promoting competitiveness and enhancing the business environment.
 
Mr. Andreatta assessed the positive effects of the Government’s efforts to improve the business environment at both central and provincial levels over the last two years. The constructiveness and openness have been proven through a number of high-level directions given by Prime Minister Nguyen Xuan Phuc. This includes resolutions (Resolution 19 on enhancing competitiveness and Resolution 35 on the support for businesses), Ministerial decisions to simplify administrative procedures and reduce business conditions (Ministry of Industry and Trade, Ministry of Finance, and Ministry of Planning and Investment have been pioneers in the reform process.) This has also been made possible thanks to the proactive and strong direction of the Government Office through the Advisory Council for Administrative Procedures Reform, of which EuroCham is a member. There have also been a number of specific changes in legislation affecting EuroCham’s Sector Committees that have been highlighted in the Chamber’s Whitebook 2018
During the discussion panel, policymakers in the region were urged to continue to build policy space, particularly in monetary policy, in anticipation of tighter global financial conditions ahead. Fiscal policy may have to play a greater role in supporting growth while macro-prudential policy can help to safeguard financial stability. The panel also noted that the region has successfully pursued a strategy of “manufacturing for exports”, whereby economies benefitted from export-oriented foreign direct investments (FDI) to build up manufacturing capacity. Vietnam, alongside China and other large ASEAN economies, has succeeded in attracting FDI into building a competitive manufacturing sector, which has created jobs and boosted exports.