EUROCHAM - A GATEWAY TO THE BUSINESS AND INVESTMENT MARKET OF EUROPE

EUROCHAM – A GATEWAY TO THE INVESTMENT AND BUSINESS MARKET OF EUROPE

The European Union is one of the most attractive trade and investment destinations for Vietnamese companies. Made up of 27 Member States, the EU is the largest trading bloc on earth and one of the world’s biggest economies – with a combined Gross Domestic Product (GDP) of around US$15 trillion. The “four freedoms” of people, goods, services, and capital guide EU’s single market. The size of this market – around 450 million people with a GDP per capita in the region of US$44,000 – makes the EU an attractive proposition for international investors. Meanwhile, the euro is one of the most-traded currencies in the world, and the EU is home to leading companies in all sectors and industries.

The EU promotes free, fair, and rules-based trade. For this reason, the European Commission has been negotiating free trade agreements with fast-growing markets around the world, including the EU-Vietnam Free Trade Agreement (EVFTA) which entered into force on 1st August 2020. This is the most comprehensive and ambitions deal ever agreed between the EU and a developing nation, and one which gives Vietnam privileged access to the EU market. Over the course of its decade-long implementation period, it will phase out almost 99 per cent of tariff lines and open up market access. This will benefit both sides as our goods become more competitive and our consumers benefit from lower-prices. Therefore, the opportunities of this agreement should lead to a new wave of trade and investment between Vietnam and the EU over the next few decades.

The European Chamber of Commerce (EuroCham) is the voice of European business in Vietnam. However, we do more than encourage European companies to invest and do business here – essential though this is. We also promote the opportunities of the EU market to enterprises in Vietnam. Our chamber counts among its membership nine affiliated Business Associations – representing Member States from across the European Union: the Belgian-Luxembourg Chamber of Commerce (BeluxCham), the Central & Eastern European Chamber of Commerce (CEEC), the Dutch Business Association (DBAV), the French Chamber of Commerce (CCIFV) the German Business Association (GBA), the Italian Chamber of Commerce (Icham), the Nordic Chamber of Commerce (NordCham), the Chamber of Commerce & Industry Portugal-Vietnam (CCIPV) and the Spanish Business Group (SBG). These Business Associations can help to connect Vietnamese enterprises with companies in their own Member States and help to build new partnerships to promote EU-Vietnam trade and investment.

Companies or investors wishing to learn more about the European market, EuroCham, or our affiliated Business Associations can visit the EuroCham website at: www.eurochamvn.org or contact our chamber on info-hcm@eurochamvn.org.