On 7 November 2024, EuroCham’s Digital Sector Committee (DSC) held an important meeting with Mr. Ulrich Weigl, Minister Counsellor and Head of Trade at the EU Delegation to Vietnam, to discuss two strategic areas: (i) harmonising data privacy regulations between the EU and Vietnam, and (ii) exploring EU investment potential in Vietnam’s emerging semiconductor industry. Mr. Weigl was joined by Economic and Trade Specialist Mr. Ky-Anh Le, with EuroCham represented by Vice-Chairman for Advocacy Mr. Jean-Jacques Bouflet, DSC Co-Chairman Mr. Pavel Poskakukhin, Vice-Chairman Mr. Khanh Nguyen, Advocacy Manager Ms. Diep Truong, and SC Assistant Mr. Danh Nguyen.
Aligning Data Privacy Standards for Cross-Border Synergy
A primary focus of the discussion was Vietnam’s progress toward aligning its Personal Data Protection Decree (PDPD) and upcoming Draft Law on Personal Data Protection with the EU’s General Data Protection Regulation (GDPR). The draft data protection law is currently under review by the National Assembly, with a final decision expected later this month.
The DSC and EU Delegation underscored the importance of achieving compatibility between the two regulatory frameworks to simplify compliance for businesses and facilitate smoother cross-border data transfers. Key topics included the need to balance strong privacy protections with minimised administrative burden for businesses and to streamline the approval process for data transfers. The ongoing dialogue among the EU Delegation, the business community, and Vietnamese authorities remains critical in ensuring a business-friendly regulatory environment that meets international standards.
Strategic Positioning in Vietnam’s Semiconductor Industry
The second half of the meeting focused on the significant opportunities for EU companies in Vietnam’s burgeoning semiconductor industry, particularly as demand for advanced technologies and integrated supply chains continues to rise. Vietnam’s strategic ambition to become a regional semiconductor hub aligns well with European interests; however, EU investors seek greater transparency on their potential role and the framework for foreign investment in this sector.
The discussion highlighted the importance of aligning Vietnam’s human resources and educational systems with industry requirements to attract and retain talent, a key factor for sustainable industry growth. The EU’s Global Gateway initiative and potential public-private partnerships were cited as possible avenues for supporting Vietnam’s semiconductor goals, providing the infrastructure and technology transfer necessary for growth. Stakeholders agreed that more structured dialogue and a clearer strategic direction would enable European stakeholders to effectively contribute to and benefit from this emerging sector.
