The European Chamber of Commerce (EuroCham) and the Vietnam Chamber of Commerce and Industry (VCCI) announced the establishment of the EU-Vietnam Business Council (EUVBC) on October 22 with the aim of supporting the smooth and successful implementation of the EU-Vietnam Free Trade Agreement (EVFTA).

Chairman of VCCI Vu Tien Loc (left) and Chairman of EuroCham Nicolas Audier sign an agreement to establish the EUVBC

The EUVBC will bring together representatives of the European and Vietnamese business communities to share insights and discuss common challenges in the implementation of this historic free trade agreement.

Jointly led by the presidents of EuroCham and VCCI, the EUVBC board will also include eight other members with four from each chamber of commerce. The council will also establish a number of line-of-business-based working groups, building stronger ties between Vietnamese and European companies and increasing knowledge sharing in specific industries.

The council will publish regular papers on the progress of the implementation of the EVFTA, and meet with high-level representatives of the European Commission in Brussels and the Vietnamese government to share updates from companies on the ground.

Speaking at the event, Dr. Vu Tien Loc, chairman of VCCI, said that the Council will represent the voices of Vietnamese and EU businesses in the EVFTA implementation, and acts as a bridge to forward opinions of businesses to the Government and relevant agencies of both Vietnam and the EU.

“EuroCham is proud to establish this new forum with VCCI, and to reaffirm the strong and effective relationship between our two chambers at the beginning of this new chapter of EU-Vietnam trade and investment relations,” said Chairman of EuroCham Nicolas Audier.

In force since August 1, the EVFTA is the most comprehensive and ambitious free trade agreement ever signed between the EU and a developing nation, and just the second FTA signed with an ASEAN member state.

As the agreement has entered into force, 65% of EU exports to Vietnam are tariff-free, along with 71% of Vietnam’s exports to the European Union. This will rise to almost 99% over the next decade, giving Vietnamese enterprises privileged access to Europe’s large consumer market and EU business better access to Vietnam’s fast-growing sectors and industries.