February 17, 2017

EVFTA’s Impact on the Vietnamese Economy and on the Country’s Place in ASEAN

On the 16th February 2017, in HCMC – the European Chamber of Commerce in Vietnam (EuroCham) – in collaboration with the EU-Vietnam Business Network (EVBN) organised a conference that gathered key speakers and experts in EU-Vietnam and EU-ASEAN relations, as well as business leaders and thinkers discussing possible scenarios of Vietnamese economy in 2018 when EVFTA is scheduled to come into force.

 
Global politics and economics at the beginning of 2017 has experienced growing uncertainty and challenges, especially since President Trump signed the order to withdraw the US from the TPP. Unquestionably, Vietnam’s hopes for a “big” FTA-driven rise in the ASEAN Economic Community now rely heavily on the only deal seen as realistically achievable: the EU-Vietnam Free Trade Agreement (EVFTA).
 
H.E. Mr. Francisco Fontan, EU Ambassador to ASEAN started the event with an opening speech highlighting the great momentum of EU-ASEAN relations generally and with Vietnam in particular. Ms. Miriam Garcia Ferrer, First Counsellor-Head of Section / Economics & Trade Section, EU Delegation to Vietnam followed with presentation on outlook of EU-FTAs in ASEAN and Vietnam’s reaction in face of the other EU Trade Agreements being negotiated with Malaysia, Philippines and Indonesia.

H.E. Mr. Francisco Fontan, EU Ambassador to ASEAN
 
Dr. Le Anh Tuan, Deputy CIO & Head of Research, Dragon Capital followed with a presentation on strengths and weaknesses of Vietnam’s economy benchmarked with its ASEAN neighbours. Perspectives and expectations of businesses towards the EVFTA were contributed by industry leaders in 3 key sectors: pharmaceutical (Mr. Bradley Silcox, Chairman of EuroCham Pharma Group), automotive (Mr. Chris Humphrey, Executive Director /EU-ASEAN Business Council), garment/textile/footwear (Mr. Bill Watson, Managing Director, Coats Vietnam, Cambodia & Korea Cluster).

Mr. Bill Watson, Managing Director, Coats Vietnam, Cambodia & Korea Cluster
 
H.E. Mr. Francisco Fontan, EU Ambassador to ASEAN said: “EU has launched a series of FTA-negotiations with selected ASEAN countries in order to fully realise the market opportunities for EU companies. Among them, negotiations with Vietnam and Singapore have been successfully concluded. The EU and Vietnam remained two solid and reliable partners, opened for business, to ASEAN, and to the world”.

Mr. Michael Behrens – Chairman of EuroCham said “The EVFTA will “go live” about a year from now. The potential of the EVFTA is clear, as its effective application can build on these good trade numbers between Europe and Vietnam and turn them into a long-lasting and ever progressing partnership, and ultimately into one of the most powerful intercontinental trade and investment corridors in the world. The EVFTA offers Vietnam the chance to link 500 million Europeans with more than 500 million ASEAN citizens, thus being at the centre of a trade corridor for about 1 billion potential customers”.

Chris Humphrey, Executive Director of EU-ASEAN Business Council

Regarding Vietnam’s opportunity in ASEAN’s automotive industry with EVFTA implementation, Chris Humphrey, Executive Director of EU-ASEAN Business Council commented: “Vietnam is in possession of low cost base, and increasing concentration of auto parts makers, EVFTA provides Vietnam the potential to become one of the fastest growing car markets in the ASEAN region over the next 20 years as economist’s prediction. Yet challenges remain due to high levels of competition from Thailand and Indonesia or infrastructure and anti-congestion issues and so on urging Vietnam’s need to raise technical standards and increase local content for global export markets”.

Dr. Le Anh Tuan, Deputy CIO & Head of Research, Dragon Capital commented: “With a large population at working age, the second fastest growing middle class worldwide, and continuously improving productivity, Vietnam has a lot of advantages that make it very attractive for foreign investors. However, this window of opportunity will close within the next seven to ten years as these competitive advantages will diminish”.

Media Coverage: https://files.acrobat.com/a/preview/9409be62-c791-4e49-9b90-93f5bb3158b6 
Full photo album: https://flic.kr/s/aHskP8sgWC
 

Tin tức khác

Xem tất cả

April 19, 2024

[CORPORATE PARTNERS] BASF to showcase sustainable additive solutions at CHINAPLAS 2024

Đọc thêm

April 19, 2024

[Event recap] EuroCham’s Tourism & Hospitality Sector Committee’s “Travel Together” event emphasizes collaboration for a sustainable tourism future

Đọc thêm

April 19, 2024

EuroCham’s Construction Sector Committee and the Ministry of Construction’s International Cooperation Department forge stronger ties

Đọc thêm

April 19, 2024

EuroCham meets with the Electricity Regulatory Authority of Vietnam to discuss renewable energy policies

Đọc thêm

April 12, 2024

[Work @ EuroCham] GEFE PROJECT INTERN – based in Ho Chi Minh City

Đọc thêm

April 12, 2024

EuroCham Construction Sector Committee shares insights on sustainable urban development at CCIFV’s Build2Last conference

Đọc thêm

April 12, 2024

EuroCham advocates for Sustainable Agriculture at a meeting with Ministry of Agriculture and Rural Development (MARD)

Đọc thêm

April 12, 2024

EuroCham advocates for green transformation policy at Vietnam Connect Forum 2024

Đọc thêm

April 12, 2024

EuroCham delegation visits Cam Ranh, explores investment opportunities

Đọc thêm

April 12, 2024

CEEC and EuroCham forge business partnerships between Estonia and Vietnam

Đọc thêm

April 09, 2024

EuroCham Hosts First Meeting of Administrative Procedure Reform (ACAPR) Committee on Reform

Đọc thêm

April 07, 2024

Vietnam’s economic rise fuels European optimism, yet regulatory hurdles persist: EuroCham Vietnam’s Business Confidence Index

Đọc thêm

April 05, 2024

EuroCham Wine and Spirits Sector Committee Calls for Support of Extended Producer Responsibility at Vietnam Expo 2024’s Seminar

Đọc thêm

April 05, 2024

European Business Organization Worldwide Network (EBO WN) Convenes Regional Meeting, Hosts EU Ambassador and Minister Counsellor

Đọc thêm

April 04, 2024

[Supported News] BASF to showcase sustainable additive solutions at CHINAPLAS 2024

Đọc thêm

April 04, 2024

[Sector Committee Spotlight] Wine & Spirits Sector Committee

Đọc thêm

March 29, 2024

EuroCham’s Tourism & Hospitality Sector Committee contributes to a Meet the Experts conference

Đọc thêm

March 29, 2024

EuroCham joins Dong Nai dialogue with Foreign Investors

Đọc thêm

March 29, 2024

Unveiling EuroCham’s 2024 Board of Directors under the leadership of Chairman Dominik Meichle

Đọc thêm

March 29, 2024

Celebrating achievements and unveiling our 2024 roadmap at the EuroCham Annual General Meeting

Đọc thêm

March 29, 2024

EuroCham attends Vietnam Association of Foreign Invested Enterprises’ FDI report announcement ceremony

Đọc thêm

March 29, 2024

EuroCham shares insights on European digital market at ministry roundtable

Đọc thêm

March 29, 2024

[Supported News] CHINAPLAS 2024: BASF showcases consumer products made with bio-based materials, co-created with Huawei & Prohero

Đọc thêm

March 29, 2024

[Work @ EuroCham] Green Growth Sector Committee Intern – based in Ho Chi Minh City

Đọc thêm

March 25, 2024

[Event recap] Seminar “LeaderShift to Win”

Đọc thêm

March 22, 2024

[Event recap] Webinar Job Market in Vietnam 2024: navigating the 2024 Vietnamese job market – insights and expert perspectives

Đọc thêm

March 22, 2024

EuroCham keeps up the momentum at the 2024 Vietnam Business Forum

Đọc thêm

March 22, 2024

EuroCham voices member concerns at consultation meeting on electricity generation pricing

Đọc thêm

March 22, 2024

EuroCham participates in ACAPR training to enhance administrative efficiency

Đọc thêm

March 22, 2024

EuroCham Vietnam reflects on five years of Decree 15 implementation on food safety

Đọc thêm

Pour une expérience optimale, veuillez tenir votre mobile à la verticale !

Đối tác Bạch kim

Đối tác cao cấp vàng

Đối tác vàng

Đối tác Bạc

Đối tác dịch vụ cao cấp