70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
EU-Vietnam Business Council founded to support implementation of EVFTA
Nhat Minh 15:01, 2020/10/23
The EU-Vietnam Business Council is meant to support the Vietnamese business community to tap into the potential of the EU-Vietnam Free Trade Agreement.

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.

RELATED NEWS
TAG: Eurocham VCCI euvbc EVFTA Nicolas Audier Vu Tien Loc
Other news
12:31, 2024/07/07
Hanoi district to turn Hoang Cau Lake into culinary hub
Once rehabilitated, the Hoang Cau Lake area is expected to become an attractive new destination for both tourists and local residents, contributing to the city's nighttime economy.
20:43, 2024/07/03
Hanoi welcomes investment from China’s Greater Bay Area
The strong and friendly relationship between the two countries makes Chinese enterprises, particularly those in the Greater Bay Area, confident about investing in Vietnam.
17:14, 2024/07/02
PM urges South Korea to further open market for Vietnamese goods
Both sides agreed to intensify cultural exchanges, tourism cooperation, and local interactions so as to increase mutual understanding and lay the foundations for sustainable development of relations.
15:33, 2024/07/01
PM urges major South Korean conglomerates to explore new horizon of cooperation
The Government leader called on South Korean corporations to support Vietnam with financial resources, infrastructure development, institutional and policy improvements, quality human resource training, and smart governance.
13:13, 2024/06/29
Vietnamese economy set for strong growth in latter half of 2024: HSBC
Vietnam remains on the path of recovery driven by the turnaround in the global electronics cycle.
12:48, 2024/06/29
Vietnam's GDP growth expands by 6.42% in H1
The economic growth rate of 6.93% in the second quarter is the second highest in the past five years.