EU asks Vietnam to improve policies for effective EVFTA implementation

Up to 35 per cent of European business leaders see administrative procedures as a barrier to the implementation of the European Union (EU)-Vietnam Free Trade Agreement (EVFTA), according to the 2021 White Book released recently by the European Chamber of Commerce (EuroCham) in Vietnam. EU ambassador to Vietnam Giorgio Aliberti said there is great investment potential from the EU, especially in high-value sectors.

EuroCham is committed to supporting the Vietnamese government in setting up a sustainable development road map to bring better investment opportunities in the future for the business communities of the two sides, the envoy said.

In early 2021, European business leaders made a positive and optimistic assessment about Vietnam’s trade and investment environment.

The business climate index (BCI) of Vietnam reached 73.9 points in the first quarter of this year, the highest score recorded since the third quarter of 2019, before the COVID-19 pandemic hit global trade and investment.

However, the fourth wave in many provinces and cities across the country caused the BCI to drop by nearly 30 points in the second quarter of this year to only 45.8 points.

According to Aliberti, the outbreak of the pandemic led to certain disruptions during the social distancing period in Vietnam and other countries in the region. However, Vietnam has made remarkable reforms to implement the EVFTA like its efforts related to certification of origin and geographical indications with very specific improvements, he said, adding that this is a very important starting point.

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