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EVFTA brings opportunities for Belgium - Vietnam cooperation

09:05 | 16/07/2020

On July 13, the Belgian-Vietnamese Alliance (BVA) in collaboration with the Belgian-Luxembourg Business Association in Vietnam (Beluxcham) organized an online seminar on business and investment opportunities for Belgium and Vietnam.

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According to the Vietnam News Agency correspondent in Brussels, on July 13, the Belgian-Vietnamese Alliance (BVA) in collaboration with the Belgian-Luxembourg Business Association in Vietnam (Beluxcham) organized an online seminar on business and investment opportunities for Belgium and Vietnam.

The event offered a chance for Belgian businesses to learn more about the Vietnamese market, and thus fully tap into the opportunities brought by the European Union – Vietnam Free Trade Agreement (EVFTA) when it is enforced, said VN Express.

Attending the seminar were the Ambassador of Vietnam to the Kingdom of Belgium and the Head of the delegation of Vietnam to the EU, Mr. Vu Anh Quang and the Deputy Head of the EU Delegation to Vietnam, Ms. Axelle Nicaise, and the representative of the Ministry of Industry and Trade of Vietnam, the authorities, business associations and nearly 100 representatives of Belgian firms.

evfta brings opportunities for belgium vietnam cooperation
Vietnamese Ambassador to Belgium Vu Anh Quang. Photo: VNA

According to the Vietnamese Ambassador to Belgium Vu Anh Quang, the EVFTA is the most modern, comprehensive and ambitious agreement to have ever been signed between the EU and a developing country. It will create strong momentum for the trade relations between Vietnam and the EU in general, and Vietnam and Belgium in particular, reported VN Express.

Take advantage of EVFTA

EVFTA which is effective on August 1 will bring positive impacts for Belgian exporters when the growth prospects of Vietnam's economy are still promising, despite the respiratory inflammation pandemic of COVID-19.

The Vietnamese Ambassador to the Kingdom of Belgium appreciated EVFTA as the most modern, comprehensive and ambitious agreement ever signed between the EU and a developing country.

EVFTA will create strong momentum for Vietnam - EU trade relations in general and Vietnam - Belgium in particular.

During the conference, Mr. Ambassador expressed his hope that Vietnam and Belgium would expand their bilateral trade and investment ties in areas of mutual benefits, such as smart agriculture, food safety, environmental technology, and logistics, towards the common goal of sustainable post-pandemic growth and development.

The diplomat stated that Vietnam is capable of facilitating Belgian export and investment activities in terms of seaports, digital technology, and rail and sea transport networks.

According to that, the Ambassador also called on Belgian businesses to contribute their voices to encourage Belgian government to approve the Investment Protection Agreement (EVIPA) as soon as possible.

In their speeches, EU and Belgian attendees praised Vietnam's achievements in the fight against COVID-19 along with the country’s effective measures to help recover its economy.

Deputy head of the EU Delegation to Vietnam Axelle Nicaise highlighted the advantages of the EVFTA, saying that the agreement opens opportunities for European businesses to compete fairly with other countries that have signed FTAs with Vietnam, reported VN Express.

She also said that Vietnamese market will have more improvements and stability in the law, thus attracting more investment. Moreover, commitments for sustainable development from Vietnam will come into action when the agreement has the effect, creating an increasingly favorable business environment.

During the event, participants shared useful information about the opportunities and challenges for Belgian businessmen in investment and business in Vietnam.

Chairman of the European Chamber of Commerce (EuroCham) Nicolas Audier stated that Vietnam could become a hub for direct investment from the EU to ASEAN.

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On July 8, a webinar on trade and investment opportunities brought by the EU-Vietnam Free Trade Agreement (EVFTA) for Vietnamese and French businesses took place.

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Janet Dang