Phu Yen bolsters economic cooperation with EU

Tuy Hoa city, Phu Yen province (Source :tptuyhoa.phuyen.gov.vn)

Phu Yen (VNA) – A symposium on economic cooperation opportunities between the southern central province of Phu Yen and the European Union was opened in Tuy Hoa city on March 15.

The event was jointly organised by the provincial People’s Committee, the Ministry of Foreign Affairs and the European Chamber of Commerce in Vietnam (EuroCham).

Participants at the event exchanged information relating to the Europe- Vietnam Free Trade Agreement (EVFTA) as well as the pros and cons to local businesses when the trade deal takes effect, including seeking partners and accessing markets in member countries.

Local officials briefed EuroCham’s members about the potential and advantages of the province while calling for European enterprises to invest in large-scale projects in the locality, such as the existing 1.5 billion USD An Binh Thanh hi-end complex, the 170 million USD petrochemical industrial park and the Phu Yen hi-tech applied agribusiness park worth 100 million USD.

Deputy Director of the province’s Department of Planning and Investment Nguyen Le Vu said the province will create the best possible conditions for investors in terms of tariff, land and water surface leasing, business income tax and import-export tax.

Alongside this, Phu Yen will also apply several preferential treatments and investment support in the province’s industrial parks, he added.

Phu Yen is home to 42 foreign direct invest (FDI) projects with a total investment capital of 4.56 billion USD, of which 28 projects are operational. FDI enterprises’ turnover in 2015 was 105.4 million USD, generating jobs for over 3,400 labourers.

EuroCham is an organisation representing the business community of the European Union. It bridges enterprises and governments at country, regional and local levels. To date the organisation has 900 members worldwide.-VNA