From 26-28 June 2024, EuroCham Vietnam joined a high-level EU-ASEAN Business Council delegation on a three-day mission to Hanoi. The delegation, comprising 100 delegates representing 40 companies, held 13 productive meetings with key Vietnamese government officials, including a Deputy Prime Minister, several ministers, vice-ministers, and other leaders of various government bodies.
The EU-ASEAN Business Council (EU-ABC) is a primary advocate for European business interests in Southeast Asia writ-large. This high-level mission to Vietnam facilitated direct dialogue between European business leaders and Vietnamese government officials, aiming to strengthen economic cooperation, address regulatory challenges faced by European businesses, and streamline trade between Europe and Vietnam.
Throughout the three-day mission, EuroCham Vietnam’s strong contingent actively participated in discussions, effectively communicating the interests of European businesses to the highest levels of government. The delegation seized every opportunity to highlight two upcoming events: the Green Economy Forum & Exhibition (GEFE) 2024, scheduled for 21-23 October in Ho Chi Minh City, and our Brussels trip, planned for 2-3 July.
The EuroCham Vietnam delegation included:
- Chairman Dominik Meichle
- Vice-Chairmen Jean-Jacques Bouflet, Torben Minko, and Minh Nguyen
- Board Members Ingo Brandenburg, Tri-Mai Hoang, Anita Holgersen, Giandomenico Zappia, Stuart Livesey (also Co-Chair of our Green Growth Sector Committee)
- Chairman of Pharma Group Darrell Oh
- Co-Chairman of our Digital Sector Committee Pavel Poskakukhin,
- Chairman of our Food Agri & Aqua Business Sector Committee Paul-Antoine Croize
- Chairman of our Medical Devices & Diagnostics Sector Committee Qadeer Raza
- Head of Hanoi Office cum External Relations Van Nguyen
Day 1: Productive Engagements with Health, Agriculture, and Finance Ministries
The delegation’s first day was marked by a series of impactful meetings:
- Ministry of Health: Discussions with Deputy Minister Do Xuan Tuyen centred on medical equipment, drugs, cosmetics, and health insurance. The delegation advocated for clarity on drug marketing authorizations, streamlined medical device approvals, and health insurance reimbursements for digital health solutions.
- Ministry of Agriculture & Rural Development: Engaging with International Cooperation Department Director General Nguyen Do Anh Tuan, the delegation explored sustainable agriculture, EU Deforestation Regulation compliance, and climate resilience. Opportunities for European companies to contribute to Vietnam’s Food Innovation Hub were also discussed.
- Ministry of Finance: Deputy Minister Cao Anh Tuan met with the delegation to address crucial topics including tax policies, insurance market development, customs management, and the adoption of International Financial Reporting Standards (IFRS). Vietnam’s Just Energy Transition Partnership (JETP) was also on the agenda.
- National Assembly: The day concluded with a significant meeting with Vice-Chairman Nguyen Duc Hai, focusing on strengthening ties between European businesses and Vietnam’s legislative body. Key topics included sustainable development policies, the Special Consumption Tax (SCT) Law, healthcare sector development, insurance market development, and energy and aerospace policies.
Day 2: Engaging Environment, Banking, Industry, and Government Leaders
The second day saw the delegation diving deeper into sector-specific discussions:
- Ministry of Natural Resources and Environment (MONRE): Minister Dang Quoc Khanh heard proposals for enhanced transparency and flexibility within the Extended Producer Responsibility (EPR) framework. The delegation suggested a hybrid model incentivizing self-recycling while imposing fees based on actual waste generation. Collaborative ventures in renewable energy were explored to support Vietnam’s sustainable energy transition.
- State Bank of Vietnam (SBV): Deputy Governor Pham Thanh Ha engaged in comprehensive dialogue on financial and regulatory matters crucial to European enterprises operating in Vietnam.
- Ministry of Industry and Trade (MOIT): We had the pleasure of reconnecting with newly-appointed Deputy Minister Nguyen Hoang Long, formerly Vietnam’s Ambassador Extraordinary and Plenipotentiary to the United Kingdom of Great Britain and Northern Ireland. While offering warm congratulations on his appointment, the group engaged in substantive discussions centred on bolstering the wine and spirits sector, including a proposed hybrid Special Consumption Tax (SCT) regime. The development of the wholesale electricity market and Direct Power Purchase Agreements (DPPA) were also addressed to foster a more resilient energy infrastructure. The delegation expressed enthusiasm for future collaborations with Deputy Minister Long in his important new role.
- Deputy Prime Minister Tran Luu Quang: The day concluded with a high-level meeting with Deputy PM Quang. Delegates advocated for European business interests, accelerating Vietnam’s green transition, tax reform, deepening EU-Vietnam cooperation (especially regarding Power Development Plan VIII), strengthening healthcare resources, and fostering aerospace innovation.
Day 3: Concluding Discussions on Investment, Tourism, Diplomacy, and Technology
The final day of the delegation visit included meetings with several ministries:
- Ministry of Planning and Investment (MPI): Deputy Minister Tran Duy Dong and the delegation discussed policies to attract foreign investment, promotion of the circular economy, and the global minimum tax. EuroCham inquired about plans to collaborate with the European Commission on potential semiconductor industry initiatives.
- Ministry of Culture, Sports and Tourism (MOCST): Deputy Minister Ho An Phong explored tourism development orientations, national tourism branding strategies, cruise tourism development, and the role of the premium food and beverage industry in tourism growth.
- Ministry of Foreign Affairs (MOFA): Discussions with Deputy Minister Nguyen Minh Hang covered economic and cultural diplomacy, visa exemption policies, regulations on organising international conferences in Vietnam, and cooperation in the aeronautics and space sector.
- Ministry of Information and Communications (MIC): Deputy Minister Nguyen Huy Dung addressed the draft National Semiconductor Strategy, cybersecurity issues, and proposed amendments to the Law on Advertisement.
- Ministry of Transport (MOT): The delegation concluded its visit with Director General of the International Cooperation Department Tran Viet Ha, focusing on upgrading transport infrastructure, sustainable development, and the UNECE 1958 Agreement, an international framework for the approval of motor vehicles and equipment.
This high-level engagement demonstrates EuroCham Vietnam’s commitment to fostering a strong partnership between European businesses and Vietnamese authorities. The discussions held during this delegation visit are expected to contribute significantly to improving the business environment, addressing regulatory challenges, and deepening economic ties between Europe and Vietnam.
EuroCham Vietnam sincerely thanks the Vietnamese government for their open dialogue and the EU-ASEAN Business Council for another excellent delegation trip. We also commend our members and representatives for their active participation and insightful contributions. This collaborative effort exemplifies our shared commitment to a prosperous and sustainable future for both Europe and Vietnam.
