EuroCham Vietnam and EU Chamber of Commerce in China shed light on China+1

On Wednesday, 11 June, 2024, EuroCham Vietnam organised a hybrid event titled “How does China+1 policy affect doing business in Vietnam?”, in collaboration with the European Union Chamber of Commerce in China. 

The event featured valuable insights from three esteemed speakers: 

• Carlo Diego D’Andrea, Vice President and Chairman of the Board Shanghai Chapter at the European Union Chamber of Commerce in China; 
• Markus Herrmann, Co-Founder and Managing Director of China Macro Group; and 
• Nguyen Anh Duong, Director of the Department for General Economic Issues and Integration Studies (CIEM).

EuroCham Vietnam was honoured to welcome H.E. Marco Della Seta, the Ambassador of the Embassy of Italy to Vietnam, as a distinguished guest.

In his opening remarks, Minh Nguyen, EuroCham Vietnam Vice-Chairman in charge of External Relations, warmly welcomed all the participants attending the event.  Mr.  D’Andrea and Mr. Herrmann kicked off the discussions by sharing insights from their de-risking report and providing recommendations for businesses.

The event highlighted the challenging path to global economic recovery, complicated by geopolitical tensions, trade wars, extreme weather, supply chain disruptions, and commodity price hikes. Despite these challenges, there is a growing consensus on the importance of sustainable development and climate change adaptation, with green recovery being seen as essential for long-term stability and growth.

Discussions explored the China+1 policy’s impact on regional cooperation and competition within ASEAN. The speakers emphasised the need for Vietnam to sustain its momentum in reforming the business-investment environment to attract and retain foreign investors. They also discussed the importance of fostering linkages between foreign and local enterprises to maximise the benefits of Free Trade Agreements (FTAs) and enhance the overall competitiveness of Vietnam’s economy.

Key policy recommendations included:

• Building on macroeconomic stability to create a predictable and secure business environment.
• Implementing structural reforms to drive robust and sustainable economic growth.
• Strengthening institutional capacity to support digital and green transitions, ensuring Vietnam remains competitive in the global market.
• Developing sustainable infrastructures to support industrial growth and environmental sustainability.
• Promoting technology transfer to enhance innovation and productivity in local enterprises.
• Prioritising human resource development to meet the evolving demands of the labour market and boost overall productivity.