Speaking at the event, Chairman of the Board of Directors of Phuc Sinh Group Phan Minh Thong said the EVFTA, which took effect three years ago, has created numerous opportunities. Accordingly, non-EU companies investing in Vietnam could take advantage of the reduced tariffs when exporting from Vietnam to Europe.

Apparel is one of the sectors that benefits most from EVFTA.

Many coffee factories have been established by not only European investors but also those from Singapore, the US, and other Asian nations like India. These investments aim to produce "Made in Vietnam" products for export to Europe and benefit significantly from the reduced tariffs provided by the agreement, he said.

Ngo Chung Khanh, deputy head of the Multilateral Trade Policy Department at the Ministry of Industry and Trade (MoIT), highlighted the importance of connecting Vietnamese firms with foreign partners - a significant task outlined in the Government's plan to carry out new-generation FTAs. This task is also reflected in the plans of various ministries, sector and localities.

He said on October 12, the MoIT will chair a conference involving leaders of the departments of industry and trade nationwide to review connections between domestic enterprises and foreign partners and EU businesses in particular. This will enable localities to learn from each other's experience and best practices.

According to him, leveraging European resources, raw materials, and technology to produce higher-quality goods and joining more deeply in the global supply chain is a significant expectation of the Vietnamese firms as the EVFTA enters a new phase of implementation. Achieving this requires collaboration from the State management agencies, industry associations, and especially appropriate support mechanisms, policies, and activities.

Khanh said businesses need to take a more proactive role in improving their competitiveness, actively seeking partners and seizing opportunities to cooperate with the European firms. By doing so, they could make more effective use of the opportunities presented by the EVFTA.

Hundreds of foreign investors arrive to explore Vietnam's investment opportunities

More than 150 international investors attended the Investor Conference 2023 hosted by VinaCapital Group on October 3 in Ho Chi Minh City.

Vietnam’s overseas investment up 4.6% during nine months

Vietnam’s overseas investment approximated 416.8 million USD during the first nine months of 2023, rising 4.6% year on year, reported the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

Numerous foreign firms eye stronger investment in Vietnam

Nearly 1,000 foreign enterprises from 28 countries and territories, including giants such as Boeing, Walmart, and Central Retail, have entered Vietnam to explore investment opportunities and seek partners since early September.

Bich Dong town (Viet Yen) exerts efforts to clear land and attract investment

BAC GIANG - HLC Urban and Industrial Construction Development Joint Stock Company (HLC) won the bid to construct Bich Son new residential area project in Bich Dong town on total area of ​​5.4 hectares. About 50 households had agricultural land and graves within the project implementation boundary, which were subject to reclaimed.

Vietnam – powerful magnet for foreign direct investment

Vietnam has become one of the leading countries in Southeast Asia in attracting foreign direct investment (FDI), according to an article published on September 21 on the website gfmag.com of Global Finance Magazine.

Source: VNA