Vietnam ready to open door for Belgian and EU investors

Prime Minister Nguyen Xuan Phuc gives a speech at the Vietnam EU-Belgium Business Forum.

The event, jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), Belgian Vietnamese Alliance, embassies and trade offices of Vietnam and Belgium, brought together Chairman of the Belgium – Vietnam Friendship Alliance Andries Gryffoy, leaders from several Vietnamese ministries and sectors along with nearly 200 business representatives from both nations.

In his remarks, Andries Gryffoy said the involvement of roughly 200 Belgian, Vietnamese and EU businesses in the forum showed their intense interest in seeking opportunities for business cooperation. The participating businesses- are seen as potential investors for Vietnamese enterprises- operate in a wide range of areas such as health, real estate, green energy, food, beverages, and seaport infrastructure.

Belgium has a business-friendly government, dynamic research environment, international standard education system and high labour productivity, he said, adding that lying in the heart of the EU with a population of 420 million and modern infrastructure, Belgium focuses on industries such as aerospace, chemicals, energy, waste and wastewater treatment, artificial intelligence and 4.0 technology, which boast huge potential for stronger partnership with Vietnamese businesses.

In an interview given to a Radio Voice of Vietnam (VOV) reporter at the forum, Luc Van Looveren from the Antwerp Chamber of Commerce and Industry said many Belgian businesses are highly interested in the Vietnamese market, noting that the Vietnamese Prime Minister delivering a speech at the event is a great honour, demonstrating Vietnam's importance in successful economic cooperation with the European Union (EU).

Speaking at the forum, PM Nguyen Xuan Phuc praised the Belgium-Vietnam Friendship Alliance in collaboration with the VCCI for organizing the significant forum as a way of augmenting cooperation between the two nations' enterprises.

Belgium is a high-tech economy with persified and high value-added services, Phuc said while highlighting the European nation as a vast market, opening up a wealth of opportunity for enterprises to do business.

Vietnam-Belgium trade turnover and Belgian investment in Vietnam have been steadily on the uptick over recent years with two-way trade increasing tenfold in nearly a decade, and it is likely to reach US$53 billion this year, he noted.

Emphasizing the Europe-Vietnam free trade agreement (EVFTA) which is expected to open its door for the enterprises to fully tap cooperation potential when it comes into force, PM Phuc said he hopes that the European business association, especially Belgian firms, will raise their Along with the imminent signing of the EVFTA, Vietnam has engaged in 15 new-generation FTAs, which means that if Belgian businesses enter Vietnam, they will gain entry into a global market.

The Vietnamese cabinet leader also affirmed the Vietnamese Government’s sustained effort to improve the business climate for both domestic and foreign enterprises and offer favourable conditions for enterprises to enhance their connectivity towards successful cooperation for the benefits of both businesses and people.

At the forum, PM Phuc also witnessed the signing of two cooperation documents on logistics and information and technology between Vietnamese and Belgian enterprises.