Hanoi (VNA) - Deputy Minister of Finance Cao Anh Tuan had a working session with a delegation of the EU - ASEAN Business Council (EU-ABC) on June 26.
The visiting delegation was co-led by EU-ABC Chairman Jens Ruebbert, who is also Managing Director and Regional Director for the Asia-Pacific region at Landesbank Baden-Wuerttemberg (LBBW); and EuroCham Vietnam Chairman Dominik Meichle, CEO of Bosch Vietnam.
Ruebbert spoke highly of Vietnam’s impressive economic achievements and commitments to strongly promoting the business environment. He noted that since its inception, the EU-ABC has carried out numerous activities and kept close contact with ASEAN and its member states, including Vietnam.
European businesses are highly interested in and currently the sixth largest investor in Vietnam. They wish to further develop partnerships to move closer to the No. 1 position in the coming years, he said.
Vietnam’s recent efforts to boost sustainable development and transition to a green economy have proved its growing attractiveness to European investors, Ruebbert continued, expressing his hope that with the Government’s open policies, more progress could be seen in bilateral economic ties and European firms’ investment in the country.
The EU-ABC and EuroCham Vietnam will also do their best to have the ratification of the EU - Vietnam Investment Protection Agreement (EVIPA) completed, he added.
For his part, Meichle held that Vietnam is always an attractive destination in European investors’ eyes. He suggested its Government press on with improving the business climate and streamlining administrative procedures to support enterprises, including those from Europe.
The EuroCham Vietnam leader also highlighted the hope to enhance cooperation with the Ministry of Finance (MoF) through stock market-related activities.
At the meeting, Deputy Minister Tuan said the EU is an important partner of ASEAN as well as Vietnam. The EU - Vietnam Free Trade Agreement (EVFTA), taking effect in 2020, has strongly bolstered bilateral economic and trade partnerships. The EU is also a large investor in Vietnam, ranking sixth among all by the end of 2023.
He also voiced his hope that the EVIPA will be ratified by all EU member countries soon. Once coming into force, it will serve as a good basis for expanding investment and trade opportunities between the two sides, and further affirm the stature and potential of EU investors in Vietnam.
He informed that last year, Vietnam’s macro economy was basically stable with inflation under control and major economic balances guaranteed, giving a boost to socio-economic recovery and development to secure a GDP increase of 5.05%. Sustaining the upward trend, the macro-economy continued expanding in the first months of 2024, with the first quarter’s GDP growth of about 5.66% compared to the same period last year.
To aid businesses, the MoF has proposed the exemption and reduction of taxes, fees, and charges worth nearly 40 trillion VND (nearly 1.6 billion USD) for businesses in the first five months of 2024. It plans to keep enhancing fiscal management, overspending and public debt control, inflation containment, macro-economic stability, and sustainable growth, according to the official.
Tuan affirmed that the MoF will always accompany and listen to opinions of the EU-ABC delegation and enterprises during the building and perfection of financial policies. It will also continue efforts to create a competitive and transparent business environment./.
