EU-VN Business Council makes debut
16:08 | 22/10/2020
VGP – The EU-Viet Nam Business Council (EVBC) made debut in Ha Noi on October 22, serving to support businesses from both sides to make the most of the opportunities brought by the EU-Viet Nam Free Trade Agreement (EVFTA). 

President of the Viet Nam Chamber of Commerce and Industry Vu Tien Loc (L) and  EuroCham Chairman Nicolas Audier (R) sign an agreement on establishment of the EU-Viet Nam Free Trade Agreement (EVBC), Ha Noi, October 22, 2020.

Jointly established by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Chairman of the European Chamber of Commerce in Viet Nam (EuroCham), the EVBC will bring together representatives of the European and Vietnamese business communities to share insights and discuss common challenges in the implementation of this historic free trade agreement.

It will also support business communities of both sides to develop their potentials, and increase the efficiency of their business and investment activities.

Speaking at the event, VCCI President Vu Tien Loc said the "EVBC was established from the desire to support the Vietnamese business community to "enter the EVFTA highway". On that highway, Vietnamese businesses are sure to face many difficulties. It is inevitable to feel nervous, but that will not be the reason for them to not “going to the highway”.

The Council will represent the voices of Vietnamese and EU businesses in the EVFTA implementation, and acts as a bridge to bring opinions of businesses to the Government and relevant agencies of both Viet Nam and the EU, Loc added.

Meanwhile EuroCham Chariman Nicolas Audier said “The EVFTA is a once-in-a-generation free trade agreement. Over the next decade, it will help to boost trade and investment between Viet Nam - one of the world’s fastest-growing and most attractive markets - and the European Union, the world’s largest trading bloc. It is a true ‘win-win’ for companies and consumers on both sides.
 
He went on to say that it is now up to business communities on both sides to make it a success and to ensure that our enterprises and societies can both unlock its full potential.

EuroCham is proud to establish this new forum with VCCI, and to reaffirm the strong and effective relationship between our two chambers at the beginning of this new chapter of EU-Viet Nam trade and investment relations, he stated.

The EVFTA took effect on August 1, 2020, paving the way for increased trade between the EU and Viet Nam. It is an ambitious pact providing almost 99% of the elimination of custom duties between the sides.

The trade deal is expected to help increase Viet Nam’s GDP by 4.6% and its exports to the EU by 42.7% by 2025, according to the Ministry of Industry and Trade./.

By Khanh Phuong

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