'Vietnam possesses trump cards that no other country has'

Delegates and guests attending the launch of EuroCham's White Book 2025 - Photo: EUROCHAM

Combine internal strength with "trump card"

The European Chamber of Commerce in Vietnam (EuroCham) has just launched the White Book 2025, with the theme "Administrative procedure reform and dual transformation: Realizing a green and sustainable economy".

This year's White Paper provides a brief overview of the issues affecting European businesses in Vietnam.

Bruno Jaspaert, Chairman of EuroCham, said that today’s business community must not only prepare for the risk of geopolitical fragmentation and changes in the global trade structure, but also face the possibility of harsh tariffs that may be applied in the near future.

"In the context of a volatile world, Vietnam's "bamboo diplomacy" needs to be based on a solid foundation of long-term and balanced economic alliances," said Mr. Bruno Jaspaert.

Mr. Bruno Jaspaert, Chairman of EuroCham - Photo: EUROCHAM

In that context, according to him, Vietnam needs to focus on strengthening its internal strength while effectively taking advantage of the international cooperation network.

"I am convinced that Vietnam has trump cards that no other country has: a key geographical location, abundant rare earth mineral reserves, abundant natural resources, a dynamic workforce and a government committed to supporting economic growth," said Mr. Bruno Jaspaert.

At the same time, he also said that the ability to transform the above advantages into practical results depends on the country's internal strength in adapting, attracting investment and maintaining sustainable growth.

Golden opportunity to transform

EuroCham representatives recommended that policymakers accelerate key reforms while making the most of Vietnam’s strategic position as a gateway connecting the European Union and the ASEAN region.

Administrative reform is taking place at the ministerial and local levels, with a focus on improving efficiency and streamlining processes, which EuroCham sees as key to promoting sustainable growth.

"Vietnam is preparing to break through to enter a golden era, a rare opportunity that countries can only experience once in a lifetime," said Mr. Bruno Jaspaert.

With sector-specific recommendations, this year's White Paper focuses on the core question: How can Vietnam continue to attract and retain foreign investment inflows in 2025, while promoting sustainable growth with a long-term vision?

The publication introduced a cross-sectoral initiative framework, centered around five “strategic priorities”.

These are visa policy, immigration procedures and airport infrastructure, work permits, VAT refunds and customs procedures.

These are all factors that are believed to have a direct impact on businesses' confidence and investment expansion decisions.

The EU has demonstrated a long-term commitment as it is prepared to invest in long-term, high-quality and sustainable initiatives.

At the same time, the Vietnamese Government has shown its determination and taken practical actions as positive signals to strengthen the confidence of European investors who still consider Vietnam as their "second home".

Although the current period is full of potential challenges, the EuroCham chairman still affirmed that this is a "golden opportunity" for Vietnam to transform.

By consolidating core strengths, expanding trade cooperation and optimizing the network of free trade agreements, Vietnam can attract high-quality FDI flows. Continuing to improve the legal framework will be a solid foundation for long-term growth and sustainable development.

"The upcoming visits of EU Trade Commissioner Maroš Šefčovič and President of the European Commission Ursula von der Leyen, together with the planned upgrade of EU-Vietnam diplomatic relations, will be important milestones on the road to a shared prosperous future," said EU Ambassador to Vietnam Julien Guerrier.

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Source: https://tuoitre.vn/viet-nam-so-huu-nhung-quan-at-chu-bai-ma-khong-quoc-gia-nao-co-20250411231949895.htm