Photo: EU-ASEAN Business Council
Business leaders said Vietnam remains a top growth market for European companies, highlighting opportunities for further investment in high-value sectors as Vietnam enters its next phase of growth. This includes science and technology innovation, high-tech manufacturing, sustainable aviation, renewable energy, and low-carbon solutions, healthcare modernisation, as well as insurance and financial services.
Around 110 senior executives are in Hanoi for a three-day business delegation visit from November 4 to 6, representing nearly 40 European companies in sectors ranging from high-tech manufacturing and logistics to consumer goods and healthcare. The visit comes shortly after the sixth anniversary of the EU-Vietnam free trade agreement (EVFTA) in August, in addition to the upgrade of bilateral relations to a Comprehensive Strategic Partnership in January.
Chris Humphrey, executive director of the EU-ABC, said, “European businesses have been investing in Vietnam for decades, but with the EVFTA in place, trade and investment between the European Union and Vietnam has soared over the past few years. We would like that growth to continue through greater European investment along with deeper cooperation in research and development, capacity building, and the sharing of expertise and best practices.”
During the meetings, discussions also explored how Vietnam could attract more high-value investment, strengthen investor confidence, and address key business challenges. This includes reducing regulatory hurdles, enhancing intellectual property protection, strengthening illicit trade prevention, streamlining customs procedures, as well as building stronger links between foreign investors and domestic companies.
“There is no question that Vietnam is a highly attractive market. But to ensure its long-term competitiveness, European businesses would like to see continued reforms to strengthen the opportunities accorded by the EVFTA and deepen economic integration beyond tariff elimination,” said Humphrey.
In the EU-ABC’s latest business sentiment survey, Vietnam emerged as the top destination in ASEAN for European business expansion, with 64 per cent of respondents indicating plans to scale up in the country over the next five years. Vietnam also drew the highest interest from companies not yet present in the market, with 34 per cent considering entry.
Humphrey said, “European businesses see Vietnam as a regional manufacturing hub and key part of global value chains. Vietnam is well positioned to take the lead in advancing regional economic integration and opening the door to new opportunities across ASEAN, as the EU seeks to deepen its engagement with the region.”
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