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European enterprises maintain optimism about Vietnam’s business environment

Tuesday, May 04, 2021, 16:26 GMT+7
European enterprises maintain optimism about Vietnam’s business environment
This image shows a scene at the ceremony for the debut of the EU - Vietnam Business Council on October 22, 2020 in Vietnam. Photo: M.H. / Tuoi Tre

Asked to comment on the business climate in Vietnam in the second quarter, as many as 67 percent of European enterprises deemed it “good” or “excellent,” the European Chamber of Commerce in Vietnam (EuroCham) has reported.

This proportion increased 12 percent from the outlook for the first quarter of this year, indicating that a positive view on the trade and investment environment in Vietnam has been maintained among European enterprises.

The positive assessment is part of the results of the Business Climate Index (BCI) just announced by Eurocham for the first quarter of 2021.

Accordingly, Vietnam’s BCI increased 47 percent from 12 past months to reach 73.9 percent, the highest-ever rate since the third quarter of 2019, before the COVID-19 pandemic hit the global trade and investment system.

Regarding their business prospects, 68 percent of EuroCham members stated that their purchase orders and revenue will be maintained or increased in the second quarter.

This proportion is higher than the last quarter of 2020.

Commenting on the benefits from the EU - Vietnam Free Trade Agreement (EVFTA), more than 60 percent of the enterprises polled in an EuroCham survey said that they have gained interests from this agreement since it took effect on August 1, 2020.

However, some enterprise executives also warned that administrative procedures in Vietnam continued to be the biggest barrier to overcome.

Appraising the BCI results for Vietnam, EuroCham chairman Alain Cany said that the index confirms once again that Vietnam is open for business.

While many countries continue to struggle with the impact of COVID-19, Vietnam has ensured businesses could continue to operate normally, without many disruptions, which is helping promote the country’s economic growth and enhance European business leaders’ confidence, he added.

The EuroCham chairman also remarked that Vietnam is on the right track to achieve its dual goal of containing the pandemic and boosting its economic growth.

As the voice of the European business community in Vietnam, the EuroCham was set up in 1998 to help develop Vietnam into an investment destination as well as a trading partner of European enterprises.

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Vinh Tho / Tuoi Tre News

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