Vietnam has a strong opportunity to attract more high-quality investment from Europe, particularly in renewable energy and high technology. To capitalise on that potential, it needs to improve its business environment, develop skilled workers and make it easier for businesses to access green energy.
The remarks were made by leaders of the EU-ASEAN Business Council (EU-ABC) and the European Chamber of Commerce in Vietnam (EuroCham) at the Vietnam-EU Economic and Trade Cooperation Forum held in Hanoi on November 4. They also spoke to Vietnam News Agency reporters on the sidelines of the event.
EU-ABC Vice Chairman Noel Clehane said Vietnam has built a considerable manufacturing and export base, giving it an advantage in attracting European corporations. Amid the restructuring of global supply chains, he said the goal is not only to attract more investment, but also to improve its quality and the value it creates.
European investment, Clehane said, could bring capital as well as advanced technologies, management expertise, human resource development and stronger links with domestic businesses. This would help Vietnam take part more deeply in regional and global value chains.
Clehane described renewable energy as one of the most promising areas for cooperation. Europe has strengths in wind and solar power technologies, battery storage and electricity grid systems for distributing green energy, he said. Vietnam could benefit from European companies' technology and experience in these fields.
Other potential areas include high-tech manufacturing, aviation, biotechnology, medical equipment and pharmaceuticals, he added.
Commenting on the elevation of Vietnam-EU ties to a Comprehensive Strategic Partnership, Clehane offered a practical view from the business community. He said the upgrade sends a positive signal of both sides' political commitment to promoting trade and investment. Stronger dialogue between policymakers, regulatory cooperation and harmonised standards could create better conditions for businesses.
He also highlighted the EU's Global Gateway initiative, which could support infrastructure projects such as roads, bridges and airports and help attract further investment to Vietnam.
EuroCham Vice Chairman Torben Minko said European investors remain highly confident in Vietnam's short and long-term prospects.
Citing EuroCham's latest Business Confidence Index (BCI) survey, Minko said 90% of participating businesses are willing to recommend Vietnam as a place to do business or invest in, while 23% have a long-term investment horizon of more than 20 years.
Positive sentiment does not mean that existing obstacles have been removed. On average, businesses face eight challenges in their operations, while some enterprises significantly affected by regulatory changes encounter as many as 27 administrative barriers, according to the survey.
Minko outlined three priorities for attracting more European investment: streamlining and digitalising administrative procedures, developing skilled workers, especially for renewable energy and high-tech industries, and improving access to green energy.
Regarding exports, he said European consumers increasingly favour high-quality, environmentally friendly products that meet sustainability standards. Vietnamese businesses should therefore strengthen compliance with environmental, social and governance (ESG) standards and keep up with EU regulations.
Direct cooperation with European companies could also strengthen Vietnamese suppliers through production assessments, technical advice, technology transfer and joint research and development.
Small businesses also need technical and financial support to meet traceability requirements, improve production processes and increase energy efficiency, he said.
Sources: VietnamPlus / Vietnam News Agency
