Belgian firms updated on business opportunities in Vietnam

An online conference on business and investment opportunities for Belgian firms in Vietnam was jointly held by the Belgium – Vietnam Alliance (BVA) and the Belgian- Luxembourg Chamber of Commerce (Beluxcham) in Vietnam on July 13 in Brussels.

Vietnamese Ambassador to Belgium Vu Quang Anh

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

The EVFTA, which will take effect on August 1, is expected to bring positive impacts to Belgian exporters when Vietnam's economy still sees a promising growth outlook despite the COVID-19 pandemic.

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

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

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

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

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

Vietnam’s commitments to sustainable development will be realised when the agreement takes effect, creating an increasingly favourable business environment, she said, adding that thanks to the EVFTA, EU firms are likely to relocate their production lines from other countries to Vietnam, thus generating more jobs for the Vietnamese side.

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

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

VNA