EU-Vietnam Business Network, designed to support European firms in expanding in Vietnam, has been opened in the southern economic hub of Ho Chi Minh City.

The network was inaugurated on the sidelines of the official visit of “Mission for growth” delegation led by Antonio Tajani - Vice President of the EU Commission and Commissioner in charge of Enterprise and Industry.

The new network is expected to help enterprises from the European Union, especially small and medium enterprises (SMEs), operate more efficient in Vietnam the ASEAN region, and enhance the role of the EU industrialists in a number of priority areas.

It will also assist EU companies in scanning for and taking advantages of business opportunities locally and regionally.

Trade and investment between the EU and Vietnam has developed steadily in recent years, said Antonio Tajani.

“The EU recognizes Vietnam as a potential market for the manufacturing industries with high growth rate. The Southeast Asian country is also considered as the gateway for the penetration and extensive integration of EU firms in the ASEAN market,” he added.

Speaking at the launching ceremony, Nguyen Thi Hong, Deputy Chairman of HCMC People's Committee, said she hoped the network would be an effective bridge to EU businesses, offering better access so that they could exploit business opportunities in Vietnam and in ASEAN region.

“The operation of the network will also help raise exports from Vietnam, in particular, and ASEAN, in general, to the EU,” she added.

Ms. Hong also said that the EU is one of the 5 largest partners of HCMC with total bilateral trade volume reached more than $ 4 billion in 2012. In the first 6 months of 2013, there were new 46 projects of European businesses with a total registered capital of $60 million in the city.