More than 100 multinational groups from the EU operating in Singapore took part in an online conference on September 25 to gain insights into new investment and business opportunities in Vietnam following the EU-Vietnam Free Trade Agreement (EVFTA) taking effect.
EVFTA opening up space for bilateral trade to grow further
In her opening remarks, Vietnamese Ambassador to Singapore Tao Thi Thanh Huong spoke of Vietnam’s economic achievements, such as 7 percent GDP growth, low inflation, an improved sustainable growth index, and reduced poverty, among others.
She emphasised the thriving nature of economic ties between the country and the EU. Bilateral trade hit 54.6 billion USD in 2019, and the EU is currently Vietnam’s 5th-largest foreign investor, with over 2,200 projects worth 24.67 billion USD.
Huong noted that the EVFTA are opening up space for bilateral trade to grow further, while EU companies now have favourable conditions to conduct business in Vietnam and find a gateway to the 655 million people throughout Southeast Asia.
The conference provided information on Vietnam’s business climate, new economic policies, and preparations for the deal now it has taken effect. It also discussed a number of topics of interest to EU firms, like the digital economy and e-commerce, technology, and technological solutions in production, and ways to approach the Vietnamese market.
It was co-organised by the Vietnam Embassy and Trade Office in Singapore, the EU-ASEAN Business Council, the Singapore International Chamber of Commerce, and the European Chamber of Commerce in Vietnam./.
VNA
