In order for Vietnam to make more effective use of the EU-Vietnam Free Trade Agreement (EUVFTA) and to anticipate new opportunities post-pandemic, greater efforts are needed from both the government and the business community, experts told the Vietnam-EU Trade Forum: “EVFTA - Leverage for Trade and Investment Corporation in the new normal”, held on October 27 by the Ministry of Industry and Trade (MoIT) and the European Chamber of Commerce in Vietnam (EuroCham).

Vietnam needs to develop appropriate scenarios to flexibly and effectively adapt to the new circumstances, unleash resources for economic recovery and development, and ensure supply chains, according to Deputy Minister of Industry and Trade Dang Hoang An. The business investment environment requires further improvement, and the domestic economy cannot miss a beat as the global economy recovers.

Local enterprises also need to actively innovate, improve their internal capacity, adjust production and business strategies to quickly adapt to new conditions, and fully participate in supply chain restructuring.

Moreover, Vietnam and the EU need to work closely in resolving existing problems for the benefit of the two business communities. With the pandemic being largely controlled and major advantages on offer from the EUVFTA and the EU-Vietnam Investment Protection Agreement (EUVIPA), Vietnam will have the chance to attract a new wave of FDI from European investors seeking a stable, secure, and competitive destination, according to Mr. Alain Cany, President of EuroCham.

Thanks to the implementation of the EUVFTA, Vietnam’s exports to the bloc reached $28.85 billion in the first nine months of 2021, up 11.7 per cent year-on-year, and imports reached $12.4 billion, up 17.6 per cent. Vietnam has also received high-quality investment from the EU, with projects featuring advanced technology creating value and benefits for the business communities of both sides.