According to the article, with a foreign trade volume of about US$41.3 billion, the EU is currently among Vietnam’s largest trading partners. Meanwhile, Vietnam is the EU’s 16th and 2nd world largest trade partner in ASEAN, respectively, according to the European Commission.

Vietnam has become a formidable competitor in attracting foreign investment in Southeast Asia, according to Dezan Shira & Associates’ Vietnam Briefing website.

The EU’s main exports to Vietnam are high tech products, including electrical machinery and equipment, aircraft, vehicles, and pharmaceutical products, while Vietnam’s main exports to the EU are telephone sets, electronic products, footwear, textiles and clothing, coffee, rice, seafood, and furniture.

The article said the in-effect EU-Vietnam Free Trade Agreement (EVFTA) with its liberalisation of customs duties and the deepening of trade and business relations, represents a great opportunity for EU companies. It will provide greater access to an emerging market with almost 100 million people, including about 55 million workers. In addition, the agreement opens opportunities for partnership, dialogue, and cooperation and creates stronger relations with the Southeast Asian region.

Thanks to the current ratified investment agreement EU-Vietnam Investment Protection Agreement (EVIPA), it should be easier for EU companies to invest in the previously highly restricted sector, the article added. It cited an example that the maximum foreign shareholding in commercial banks has been increased from 30% to 49%.

It also mentioned that the EuroCham’s Business Climate Index (BCI) Q1 2021 in a survey revealed that European business leaders remain confident in Vietnam’s economy, anticipating that Q2 performance will further improve. Apart from international travel restrictions, it’s business as usual in Vietnam. The BCI Index hit 73.9 points in Q1 2021 – the highest since Q3 2019. The business leaders also see benefits of the EVFTA, with more than 60 percent benefitting from the agreement.

An international trade research institute under the Korea International Trade Association (KITA) has also released a report saying that Vietnam has been noticed as an attractive investment destination in Southeast Asia. The Republic of Korea's direct investment in the nation reached US$8.3 billion in 2019, accounting for 21.4% of its total direct investment overseas.

Investment attraction priority taken to field with competitive advantage

(BGO) – Recently, the Ministry of Planning and Investment has verified Plan of Bac Giang province in period 2020 – 2030 with the vision to 2050. In the Plan, Bac Giang targets to be a modern industrial province with GRDP in top 15 leading provinces and cities nationwide and ranking first in the Northern Midland and Mountainous Region. To realize the goal, the province should implement solutions synchronously, especially investment attraction.

Vietnam welcomes expansion of ROK investment: PM

Vietnam always pays attention to creating favourable conditions for businesses and investors from the Republic of Korea (ROK) to expand their activities in the nation, said Prime Minister Nguyen Xuan Phuc, noting that the bilateral ties are getting stronger thanks to the presence of Korean conglomerates like Samsung, SK, Hanwha, Daewoo, and Lotte in Vietnam.

Secretary of provincial Party Committee urges Hiep Hoa district to speed up site clearance, boost investment attraction

(BGO) - On March 16, the Standing Board of the provincial Party Committee had a working session with the Standing Board of the Hiep Hoa district Party Committee on the implementation of resolutions of the Party Congresses at all levels for the 2020-2025 tenure, key tasks for 2021 and measures to solve difficulties.

Bac Giang aims to attract 1.3 billion USD in investment in 2021

(BGO) – Bac Giang province is actively implementing the Investment Promotion Programme this year, striving to lure about 1.3 billion USD in total newly registered and added investment capital of domestically invested and foreign direct investment (FDI) projects in the province, according to Chairman of the provincial People’s Committee Le Anh Duong.

Bac Giang approves investment promotion programme in 2021

(BGO) – The Bac Giang provincial People's Committee has just issued Decision No. 184/QD-UBND approving the investment promotion programme in 2021.

Source: NDO/VNA