European business representatives at a launch event for Eurocham's 2023 Whitebook in Viet Nam. — VNA/VNS Photo

This year's edition of Eurocham's white book highlighted the importance of working toward a green economy and sustainable development for Viet Nam, as well as the full implementation of the European Union–Vietnam Free Trade Agreement (EVFTA) and ratification of the European Union–Vietnam Investment Protection Agreement (EVIPA).

The annual edition made several recommendations in regard to a number of industries and how to better attract business investment into the Southeast Asian country.

Key reviewed issues included healthcare in a post-COVID-19 world, the development of a green economy and sustainable development, waste and water management, air pollution and aquaculture, as well as the current laws and regulations governing business investment activities and custom protocols.

Eurocham's President Alain Cany said the chamber's white book offers an opportunity for exchanges of dialogues between businesses and policymakers and for solutions to developmental issues.

This year's edition's focus was on wastewater management, the prioritisation of off-shore wind power and a green economy, as well as a recently implemented regime on issuing work visas to foreign workers to boost investment activities within the framework of the EVFTA.

He said the chamber encourages European businesses to voice their issues and concerns as well as to promote the benefits of collaboration.

Thomas Wiersing, a representative from the Delegation of the European Union in Viet Nam, said the EVFTA has helped boost import-export and investment activities between the EU and Viet Nam.

Wiersing said European businesses in Viet Nam require greater support from the Vietnamese government to fully realise the trade agreement's potential.

This year's edition highlighted green energy as one of many areas in which Viet Nam possesses enormous potential for growth and can play a key part in the country's socio-economic transformation.

Stuart Livesey from the Copenhagen Infrastructure Partners (CIP) Corporation, a Danish-based investment firm, said there is a lack of investment framework for the implementation of offshore wind power plants, which are complex to operate and often require large financial investments, to the tune of billions of euros.

Industry experts said they are looking forward to the release of Viet Nam's Power Plan VIII and the implementation of a legal framework that encourages the private sector to participate.

Nguyen Quang Vinh, Vice President of the Vietnam Chamber of Commerce and Industry, stressed the importance of new policies to allow foreign investors to enter the country's energy sector, especially in the fields of green energy, renewable energy and green tourism.

He said a transparent and well-defined business environment is crucial to attaining growth and sustainable development in the mentioned-above fields.

Thibaut Giroux, President of the French Chamber of Commerce and Industry (CCIFV), said with the implementation and the ratification of the EVFTA and EVIPA, more European businesses have eyed Viet Nam as a potential destination for investment in green energy. — VNS