Vietnam continues to be rated as one of the fastest growing economies not only in the region but in the world. Vietnam's growth attractiveness has been and continues to be a plus point in the eyes of foreign investors and has become an attraction for foreign capital inflows. In order to gain a more concrete perspective on Vietnam's opportunities, the Vietnam Economic Times has documented the assessments of foreign trade and business associations.
Increase transparency for businesses
(Ms. Amanda Rasmussen - President of American Chamber of Commerce (AmCham) in Ho Chi Minh City)
"Many experts forecast that Vietnam's economy will grow 7% and with strong reforms implemented to reach 7.06%. According to the latest World Bank (WB) report. , Vietnam's economic growth has been steadily improving despite externally limited constraints This is due to a sharp increase in domestic demand combined with an increase in export-oriented production. Thanks to FDI.
However, to maintain high growth, Vietnam must continue its efforts to become an attractive destination for investment and business through streamlining the legal environment and increasing transparency for businesses. businesses operate here, allowing technology to develop and infrastructure to continue.
Vietnam can create a new position in the international arena by continuing to accelerate domestic reforms to comply with WTO commitments, including the WTO Trade Facilitation Agreement, and trade agreements. other signed and approved. This will encourage strong inflows of foreign investment. And the US special import tax on US $ 250 billion worth of imports from China will also support strong investment inflows, as companies shift supplies from China to Vietnam.
Vietnam should also consider joining the "Developing Country Benefit" program under the US's Universal Preferential System (GSP), which allows tax-free exports to the US for more than 3,500 products.
An improving business environment and a more competitive labor market combined with fast-growing consumer demand and a growing middle class will ensure continued growth as forecast, while commercial deals Additional trade like the CPTPP will also stimulate export growth and open up new and diversified markets.
The World Bank (WB) estimates that CPTPP has the ability to increase GDP by 1% to 3.5%. In addition, US businesses are optimistic that Vietnam will continue to reform to improve the business environment, according to the commitments in the trade agreements and Resolution No. 19, the Government sets KPIs for State agencies to improve efficiency and improve the business environment.
Vietnam is currently very interested, with a large population, mainly a young generation with increasing incomes and purchasing power. The issue of concern, however, is the successful transition to the digital economy, as some government agencies appear to be ignoring recommendations from American businesses that have built successful digital businesses. in many markets around the world. To maintain Vietnam's appeal as an investment destination, companies must be able to operate in a technology-driven environment that balances the need for cybersecurity and an open digital economy " .
EVFTA promotes trade and investment in Vietnam
(Mr. Nicolas Audier - Co-Chairman of European Chamber of Commerce (EuroCham) in Vietnam)
"Vietnam continues to be one of the fastest growing economies not only in the region but in the world. Economic growth reached more than 7% in 2018; the highest in over a decade. Not a small part. This is thanks to government reforms to turn Vietnam into a more open, competitive, and business-friendly environment for international trade and investment.
EuroCham currently has more than 1,000 members, up from just 60 in 1998, showing how far and quickly Vietnam has gone in such a short span of time. Indeed, our latest business climate index shows that European business leaders are more positive about their operations in Vietnam than at the end of 2016.
The EU - Vietnam Free Trade Agreement (EVFTA) is one of the most comprehensive and ambitious agreements ever concluded between the EU and a developing country. Once ratified and in force, EVFTA will establish a 99% tariff reduction program on a wide range of products and remove technical barriers to trade. This will boost trade and investment between Europe and Vietnam, helping European companies gain more access to Vietnam's fast-growing consumer market.
In particular, almost all customs duties will be eliminated and reduced by 65% as soon as EVFTA comes into effect. Furthermore, Vietnam has risen above the WTO in market access for EU service providers, opening up additional sub-sectors such as research and development (R&D), construction services and clean. Meanwhile, top protection agreement
