Vietnam Benefits From Vietnam-EU Free Trade Agreement

Many European businesses attended the ESG conference and learned about the investment environment in Ho Chi Minh City. Photo: sggp.org.vn

On November 30, Ho Chi Minh City People's Committee and the Belgian Embassy in Vietnam and related units organized a high-level environmental, social, and corporate governance (ESG) conference with the theme "ESG: application from international standards to practical implementation in Vietnam."

The conference is also a milestone marking 50 years of diplomatic relations between Vietnam, Belgium and Luxembourg.

Speaking at the conference, Karl Van den Bossche, Belgian ambassador to Vietnam, said that Vietnam is benefiting from the Vietnam-European Union Free Trade Agreement (EVFTA).

The easing of tax policies promoted equitable development and growth for Vietnam and the EU. In the coming time, the EU commits to provide financial support and contribute important efforts to Vietnam to reach and complete the net zero goal by 2050, through the global portal strategy.

Sharing this issue, Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan said that EVFTA opened up huge market potential in the EU for Vietnamese businesses.

However, Vietnamese businesses that want to utilize this market must meet technical barriers, including ESG regulations.

Reality shows that many businesses in Vietnam lack knowledge, and face many challenges in managing and reporting on ESG issues.

Therefore, there is a need for support and experience sharing from EU businesses, helping Vietnamese businesses increase investment attraction and competitiveness, creating a positive reputation in the international arena.

Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan also said that Ho Chi Minh City is the locality with the largest economic scale in the country, contributing about 1/5 of GDP, more than 1/4 of national budget revenue, leading the country in attracting FDI and import-export. The number of active businesses accounts for 40% of the country.

Currently, the city is aiming to build major centers of economics, finance, trade, science and technology in Southeast Asia.

To realize these goals, the city needs financial, technical, and professional support from international partners, especially EU investors.

Ho Chi Minh City is committed to implementing specific mechanisms and policies for rapid and sustainable development while ensuring a stable political and social environment to create favorable conditions for EU businesses to operate long-term and effectively.

Delegates and EU businesses are discussing with Ho Chi Minh City leaders to learn about the investment environment. Photo: sggp.org.vn

At the conference, Olivier Do Ngoc, honorary consul of Luxembourg in Vietnam, expressed his views on promoting cooperation, increasing exchanges, and committing to support Vietnam, especially in the field of green finance.

He agreed to promote cooperation between stock exchanges and increase financial resources to support Vietnam in implementing the green growth strategy.

Through this ESG Conference, Luxembourg demonstrates its spirit of close cooperation and determination to accompany Vietnam in the process of transition and environmental preservation with two projects worth EUR7 million (US$7.61 million) in the field of environmental protection and climate change adaptation.

EU businesses are committed to investing in human resources and creating a culture of sustainable development in Vietnam.

Vietnam, EU Commit to Working Together to Promote Sustainable, Inclusive Prosperity The Vietnamese and EU sides emphasized the extensive and multi-faceted cooperative relationship between the two sides, discussing many topics in the fields of bilateral cooperation.

Vietnam And Belarus Strives to Restore Trade Turnover Receiving Belarusian Ambassador to Vietnam Uladzimir Baravikou, Prime Minister Pham Minh Chinh proposed that the two sides promote economic and trade cooperation, effectively deploy the ...

Deepening Vietnam And Japan Trade Relations After 50 years of establishing diplomatic relations, Japan has been Vietnam's leading economic and trade partner for many years.