EuroCham recommends Vietnam develop legal framework for green transition

The Vietnam Chamber of Commerce and Industry (VCCI) held a national forum on promoting the Vietnam – EU partnership and sustainable development in Ho Chi Minh City on August 21, aiming to bolster the cooperation between Vietnamese businesses and the EU market.

In his opening remarks, VCCI Vice President Vo Tan Thanh said the EU is one of Vietnam's most crucial partners, and Vietnam is a safe and potential investment destination for European enterprises. He also stressed that Vietnam is the only Southeast Asian nation with a comprehensive cooperation framework with the bloc.

Thanh urged the EU to share more information and experiences with Vietnam and assist the nation in the development of green, modern, and efficient policies and growth models. He called for EU support in enhancing Vietnam's infrastructure, human resources, technical assistance, and technology transfer to help the country meet international standards. Additionally, he hoped for broader access to various EU market segments beyond the traditional markets of Northern, Western, and Eastern Europe.

Recommending EU investors to expand cooperation with Vietnamese provinces and cities, Thanh affirmed that the VCCI is committed to supporting the Vietnamese and EU business communities in their cooperation and investment, thereby further enhancing the Vietnam-EU relations.

Jean Jacques Buouflet, Vice President of the European Chamber of Commerce in Vietnam (EuroCham), acknowledged Vietnam's efforts in building a policy framework for green economic development and its strong commitments to sustainable growth. He cited the country's national green growth strategy, which aims for net-zero emissions by 2050, alongside national strategies on forestry, environmental protection, and sustainable development.

However, Buouflet noted that Vietnam still lacks specific legal frameworks for green development across various sectors and guidelines for mobilising financial resources to support this transition. EuroCham recommended that Vietnam persist in developing these frameworks and increasing social resources to implement green transition goals, leveraging international experience and knowledge to avoid misallocation and waste of resources.

EuroCham is willing to support Vietnam in accelerating its green transition, particularly in renewable energy, green transport, and green finance, the official said. The chamber is committed to close collaboration and sharing expertise with different sectors in Vietnam to advance sustainable green economic development.

At the forum, Vietnamese and EU economists, VCCI officials, and representatives from the Ministry of Industry and Trade discussed market trends, new opportunities in the EU market, smart agriculture, green finance, and potential business prospects in emerging fields.

Currently, the EU is Vietnam's largest development partner, fifth largest trading partner, and the sixth largest foreign investor. Meanwhile, Vietnam is the EU's largest trading partner in ASEAN and 14th globally. Two-way trade in the first half of 2024 stood at nearly 32.39 billion USD, up 13.5% year on year, in which Vietnam's exports were valued at 24.69 billion USD, up 15.4%./.