EVFTA & Vietnam’s sustainable economic development
On January 5th 2020, the National Assembly's Economic Committee in collaboration with the Institute of Training, Consulting and Economic Development (IDE) organized the Seminar: "EVFTA - Opportunities and Strength for Vietnam’s sustainable economic development”.
The event was attended by representatives from the National Assembly’s Economic Committee, the Ministry of Industry and Trade, the Central Institute of Economic Management, economic experts and nearly 200 representatives from businesses.
EuroCham Vice Chairman and Mazars Vietnam Tax & Business Advisory Partner - Nguyen Hai Minh participated and spoke at the event about the EVFTA - assessing the opportunities and challenges for Vietnamese companies.
The discussion was attended by Mr. To Hoai Nam, Vice President and Secretary General of The Association of Small & Medium Enterprises; Mr. Phung Van Hung, Standing Member of the National Assembly's Economic Committee; and Mr. Ngo Duc Minh, Deputy Director of Legal Department, Ministry of Industry and Trade in the framework of the event on January 05
At the Event, Mr. Phung Van Hung, Standing Member of the National Assembly's Economic Committee, affirmed that the recent signing of EVFTA shows that Vietnam is one of the most market-oriented and open economies in the region. Vietnam's economy in 2019 has a rapid growth rate of 7.02%, ranking among the top countries with highest growth rate in the world due to our proactive integration. However, Mr. Hung also acknowledged that besides the opportunities, this agreement also posed significant challenges: the size and capacity of Vietnamese enterprises were still small and the capacity and quality of Vietnamese labor was also weak.
Aligning with the view of Mr. Hung, EuroCham Vice Chairman and Mazars Vietnam Tax & Business Advisory Partner Nguyen Hai Minh highlighted in his speech that the EVFTA will not only benefit Vietnamese companies in trade thanks to elimination of duties, but also bring a huge opportunity for them to plug themselves into the global value chains organized by EU companies. However, there is still a big question about the capability of Vietnam enterprises to realize the opportunity. given their limits in technology, capital, human resource, and corporate governance. Vietnam should also try its best to prepare for the EVFTA, focusing more on developing high-quality labour force, enhancing the public-private partnership and also the awareness of Corporate Social Responsibility for local companies.
EuroCham Vice Chairman and Mazars Vietnam Tax & Business Advisory Partner Nguyen Hai Minh speaking at the event
Mr. Minh also shared information about EuroCham’s mission trip to Brussels early December 2019 to participate and speak in European Parliament’s INTA committee conference as well as to meet MEPs to promote for the EVFTA. In the meantime, Vietnamese Government would still need to make sure the commitments in labor rights are met according to the requirements of the EU for a smooth ratification. EuroCham also reiterated its commitment in accompanying Vietnam to prepare the ground for effective implementation of the EVFTA once ratified.
Mr. Minh also joined a panel discussion together with Mr. Nguyen Duc Kien, Head of the Prime Minister’s economic advisory group and other top economic experts to share their opinions with business community.
Hai Minh Nguyen Partner, Head of Advisory services - Ho Chi Minh City
The dialogue format is potentially kept to be very interactive so that it is not a one-way presentation but an opportunity for the participants to share their questions or comments with us on tax, transfer pricing, legal and IFRS-related issues.
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