new economy

　　

On 24 August, the Vietnamese Chamber of Commerce and Industry (VCCI) and the Representative Office of the International Labour Organization (ILO) in Vietnam jointly held a seminar on "the 2nd Anniversary of the Implementation of the Vietnam-EU Free Trade Agreement: Increasing Export and Investment Opportunities through Sustainable Development" in Ho Chi Minh City.

The seminar focused on the impact of the Vietnam-EU Free Trade Agreement (hereinafter referred to as the Agreement) on Vietnam's economic and social conditions in the past two years. To find measures to take full advantage of the opportunities that the Agreement offers for local development, etc.

Addressing the seminar, Vu Hsin Seng, Vice Chairman of Vietnam Chamber of Commerce and Industry, stressed that two years after the implementation of the Agreement, it has brought about many positive effects in terms of trade growth.

In 2021, bilateral trade between Vietnam and the EU reached $57 billion, up 14.5 percent year-on-year. Bilateral trade reached $31.7 billion in the first half of 2022, up 14.6 percent year on year. After the signing of the Agreement, investment in Vietnam by some European countries showed an increasing trend. For example, Dutch investment in Vietnam increased by nearly 26%, Swedish investment increased by 63%, and Danish investment in Vietnam increased by 240%. These results fully reflect the positive contribution of the Agreement to Vietnam's economic development.

Carsten Schittek, head of the Trade Committee of the EU Mission in Vietnam, spoke highly of Vietnam's efforts in implementing the Agreement. In particular, Vietnam has amended and supplemented many of the relevant acts to bring them into line with the provisions of the Agreement, thus bringing tangible benefits to the Vietnamese economy and to the members of the Agreement.

Carsten Schittek spoke highly of Vietnam's breakthrough development in the economic and social fields within two years of the implementation of the Agreement. She also suggested that Vietnam should create a more attractive environment for European companies to invest, with special emphasis on policies related to sustainable development, green energy, climate change adaptation and labor rights.

Carsten Schittek said that the sustainable development plan in the Agreement is central to attracting large investors, bringing new knowledge, high technology, real focus on the environment, adaptation to climate change and sustainable development issues. This is the opportunity for the Agreement and for Vietnam to focus on new, better quality, cleaner investments.

Ingrid Christensen, Chief Representative of the International Labour Organization (ILO) in Vietnam, agrees that two years after the implementation of the Agreement, Vietnam has changed dramatically and is moving closer to common world standards. She also stressed the role of Labour and employment issues at the current stage, especially respect for human rights and workers' rights, so as to move towards sustainable development.

At the seminar, the experts also discussed responsible management and sustainable development, and updated some European countries' new regulations on enterprise verification. The participants also discussed the issue of enterprises entering the high-end market, promoting the export policy and current situation of enterprises in the South, optimizing export opportunities, improving the working conditions of the footwear, clothing and wood processing industries, and improving the local business environment in the southeast region.