Notably, moreover, 31% ranked Vietnam in the top 3, of which an impressive 16% praised Vietnam as a top investment destination. To further strengthen this belief, more than half of those surveyed predict to increase foreign direct investment in Vietnam as 2023 nears the end.

In fact, the investment capital of European Union countries in Vietnam has increased significantly from 18 billion USD in 2016 to 28.91 billion USD in 20213. Of which, the Netherlands leads with 427 billion USD. project and total investment capital of 14.1 billion USD, equal to 49% of the European Union's investment capital in Vietnam. Dutch investors include big names such as FrieslandCampina, De Heus, Unilever, Philips, AkzoNobel, Shell and Damen. Dutch suppliers, such as chipmaker ASML Holding, have visited Vietnam to assess the possibility of establishing new production facilities in Southeast Asia.

France holds the next position with 3.8 billion USD of total investment capital, of which Sanofi has invested heavily in the pharmaceutical industry in Vietnam. Germany and Denmark also contribute greatly to Vietnam's development, promoting large production and investment projects. LEGO has invested 1 billion USD in a toy factory in Vietnam, opening the door for increased investment by other European manufacturers in this market.

Vietnam's 2023 industry focus announced by Savills on October 17 also pointed out that Vietnam has signed 15 Free Trade Agreements (FTA) and is negotiating 3 more FTAs. The EVFTA Agreement, effective from 2020, has marked an important turning point in trade and investment relations between Vietnam and European countries.

As for the US market, Mr. John Campbell, Deputy Director, Head of Savills Vietnam Industrial Services - said that President Joe Biden's visit and the upgrade of Vietnam and the US to a strategic partnership comprehensively, the interest of investors from this market in the coming time is expected to increase positively.

In particular, Mr. John Campbell said that September was also the time when Apple announced that it had completed the transfer of 11 audio-visual equipment factories to Vietnam. Along with that, Google also said that Vietnam is on the list of potential markets the company is considering investing in in Southeast Asia in the near future.

Besides highly appreciating the Vietnamese market, investors from the EU and US also shared some existing obstacles that could reduce investment attraction. These difficulties come from administrative procedures, uncertainty in rules and regulations, barriers to obtaining permits, and strict visa and work permit requirements for foreign workers. outside…

Another important point is that sustainability is increasingly becoming a top priority around the world. However, there are still major obstacles to turning these priorities in Vietnam into reality. This comes from regulatory uncertainty, infrastructure gaps...

In particular, for EU businesses, more than two years after its implementation, the EU-Vietnam Free Trade Agreement (EVFTA) is continuing to have a strong positive impact on Vietnam's business landscape. . However, challenges still exist. Differences in customs valuation of imported goods, unclear and lengthy customs clearance procedures, technical obstacles to trade and uncertainty and lack of clarity regarding the agreement are among the barriers limit the full effectiveness of the agreement.

Mr. Ngo Chung Khanh said that first of all, Vietnamese businesses must determine that cooperation with the EU is standard and methodical. Second, there needs to be gradual compatibility in technical standards. Because Made in EU brands are a guarantee of quality. Third, we need to pay attention to improving the level of governance and especially pay close attention to origin traceability because in the near future, EU regulations such as the Supply Chain Act will be a law. Mandatory tax on EU importers, including businesses from Vietnam. Fourth is paying attention to intellectual property issues to ensure nothing leaks or technology is stolen. Finally, we must pay attention to labor and the environment, and sustainable development. This is extremely important. Because the EVFTA Agreement has a separate chapter on sustainable development and not only EU businesses or management agencies but EU consumers are also very interested in labor issues and sustainable development.

To support businesses, next week, leaders of the Ministry of Industry and Trade will chair a conference of leaders of Departments of Industry and Trade nationwide to review and reassess the implementation of trade and special agreements. Successful experiences in connecting domestic businesses with foreign businesses in general and EU businesses in particular will be shared and from there the provinces will learn from each other to spread. In addition, the Ministry of Industry and Trade also focuses on trade promotion activities to help businesses understand customers and markets, from there, have methodical directions to participate deeply in the supply chain.

Minh Toan