Speaking at the signing ceremony for the founding of EVBC held in Hanoi this morning, Hoang Quang Phong, Vice President of VCCI, said that the council was born to promote the development of enterprises of both sides, on the basis of fully exploiting the opportunities provided by the EU - Vietnam Free Trade Agreement (EVFTA).

The signing ceremony for the founding of the EU - Vietnam Business Council.

Businesses will be consulted and provided with technical assistance, information and specific supports to solve difficulties or obstacles arising in economic relations, thereby helping to increase the scale of trade, investment promotion, cooperation and technology transfer.

In addition, the council will also update developments and facts to propose cooperation mechanisms to improve businesses’ operational efficiency. Annually, it will develop a summary report to publicise and send to the relevant agencies.

Co-Chairman of the European Chamber of Commerce in Vietnam (EuroCham), Nicolas Audier, emphasised that the establishment of the council demonstrates the high unity and desire of the concerned parties, for the cooperation and promotion of trade and investment activities.

Investment and trade are expected to increase continuously and strongly in the future as enterprises of both sides gradually get used to and maximise their potential, opportunities and favourable conditions, Audier said, adding that the EU is a large market with high purchasing power that is an attractive destination for Vietnamese products.

Nguyen Do Anh Tuan, Head of the International Cooperation Department under the Ministry of Agriculture and Rural Development, said that the EVBC’s establishment would be favourable for supporting the business communities of both sides in making the most of the conditions and opportunities brought about by the EVFTA.

This is also a specific step in the process of completing and supplementing activities and cooperation mechanisms for enterprises, thereby supporting production and export activities, he added.

As a representative of both Vietnamese and EU businesses in the EVFTA implementation process, the council serves as a bridge to bring businesses' proposals to Governments and the authorities in both Vietnam and the EU.

The council’s member companies have the opportunity to report and have direct dialogue with Government leaders, ministries and relevant agencies of Vietnam as well as agencies in the EU and other units from the member states of the EU and to provide policy advice and share information on EU or Vietnamese legal regulations related to the application and implementation of EVFTA.

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Source: NDO