Removing trade barriers and cutting down tariffs are the most critical measures to improve investment climate for European enterprises who want to land foreign direct investments (FDI) in Vietnam (Photo: VNA)
 
Hanoi (VNA) – Removing trade barriers and cutting down tariffs are the most critical measures to improve investment climate for European enterprises who want to land foreign direct investments (FDI) in Vietnam.

Co-Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Nicolas Audier made the suggestion at a ceremony to present the 10th edition of the White Book 2018 in Ho Chi Minh City on March 21.

He noted that the EuroCham will work to support Vietnam to better off its business environment so that enterprises of both sides can tape the advantage of the EU-Vietnam Free Trade Agreement (EVFTA), which is expected to take effect in 2018, to the fullest extent.

Currently, the EU is a leading partner of Vietnam in various fields such as investment and trade. Last year, the union was the second largest importer of the Southeast Asian nation with total import revenue of 38.2 billion USD. Meanwhile, Vietnam purchased 12 billion USD worth of products from the EU countries.

Thanks to its efforts to ameliorate business climate, Vietnam has been a magnet for FDI enterprises, including those from the EU, said Guru Mallikarjina, Vice President and Managing Director of Bosch Vietnam.

He underlined that Vietnam has been on the right track to draw FDI, and investors can increase their presence in other sectors like human resources training, smart city building, infrastructure development and green growth besides business operation.

Dinh Ngoc Thang, Deputy Director of the Ho Chi Minh City Customs Department, said that the White Book will help state management agencies to thoroughly grasp the market trend to make rational changes in regulations to create favourable conditions for foreign investors. - VNA