The European Chamber of Commerce (EuroCham) in Vietnam published a booklet on Nov. 26, in which for the first time it mentions improvements in the country’s business environment.

As in the first edition which was released in 2008, the “2010 EuroCham Trade Issues and Recommendations” aims to summarise key issues that affect the European business community in Vietnam.

In addition to pharmaceuticals, consumer goods, energy, telecoms, auto manufacturing, tourism, finance and banking, the booklet touches upon a number of important areas, including the protection of intellectual property rights, mergers and acquisitions and Vietnam’s fulfillment of its commitments to the World Trade Organisation (WTO).

EuroCham’s Chairman Alain Cany told reporters that although Vietnam’s economy is on the road to recovery, with an estimated growth rate of 5 percent this year, the government still needs to tackle obstacles that hold back the economy’s competitiveness, including opening up the energy industry, telecoms, pharmaceuticals and retail markets much further to attract more investment.

Cany said that with Vietnam living up to its WTO commitments, such as the continued equitisation of state-owned enterprises, the ongoing battle against corruption and cutting red tape are considered decisive factors that will make Vietnam more attractive to European investors.

On the occasion, EuroCham, in collaboration with the Vietnam Chamber of Commerce and Industry, held round-table talks with officials from eight of the country’s ministries and sectors./.