With Vietnam and the European agreeing to the European Vietnam Free Trade Agreement (EVFTA) in August, the European Chamber of Commerce in Vietnam and the Vietnam Chamber of Commerce and Industry (VCCI) have launched an initiative to establish the European Union - Vietnam Business Council (EVBC), with the goals of the effectively implement the EVFTA, the support of enterprises in the EU and Vietnam to make the most of the opportunities brought by the Agreement, and the further strengthening of trade and investment cooperation between Vietnam and the European Union.

The EU-Vietnam Business Council (EVVBC) will bring together representatives of the European and Vietnamese business communities to share insights and discuss common challenges in the implementation of this historic free trade agreement while also providing a bilateral consultation mechanism platform for European and Vietnamese enterprises to report to government officials of Vietnam, its ministries and other relevant Vietnamese authorities and also members of the EU Commission, EU Parliament, or other institutions of EU Member States with regard to the implementation and application of the EVFTA.

Additionally, the EVBC will support business communities in both Europe and Vietnam to develop their potential, and increase the efficiency of their business and investment activities now that the EVFTA has been ratified.

Objectives of the EVBC:

• To facilitate advocacy, dialogue, and the coordination and exchange of information between the related Parties’ (including engaging EU Institutions and Vietnamese Authorities, business groups and related parties) in the process of preparations and implementation of EVFTA by promoting, supporting, anticipating or addressing key policies, laws, regulations or developments which have the potential to affect the implementation of The Agreements

• To examine and monitor any issues related to the implementation of The Agreements that may be presented by the Parties’ respective members and serve as a channel for exchange of such issues to the competent authorities of the EU and Vietnam

• To build up and align on key appropriate strategies and activities and relevant information through Working Groups to reduce barriers that may affect the Parties’ respective members regarding the implementation and application of The Agreements, potential enhancements in the regulatory framework of Vietnam and EU Member States as well as for the application and implementation by the both sides

• To encourage and analyze initiatives which aim to facilitate the implementation and application of The Agreements

• To consider abilities for joint actions or of bilateral cooperation in projects which are of interest to the Parties’ respective members with regard to The Agreements

• To report on joint recommendations to both the EU and Vietnamese government agencies to the implementation and application of The Agreements

• To build a specific and measurable action program with the aim of promoting the implementation of The Agreements. The EUVBC will hold an annual Vietnam-EU Economic Summit to promote economic, trade and investment cooperation between Vietnam and the EU.

Dr. Vu Tien Loc, Chairman of VCCI, discussed the new business council and said: “Throughout the past years, the Vietnam Chamber of Commerce and Industry (VCCI) and the European Chamber of Commerce in Vietnam (EuroCham) have been side by side, effortlessly promoted the process of negotiation, review, exchange information on the signing of the EU - Vietnam Free Trade Agreement (EVFTA). We are delighted and grateful for the determination made by the Government of Vietnam and the EU authorities over the past years for the signing of the two Agreements.”

“The EU - Vietnam Business Council was established from the desire to support the Vietnamese business community to "enter the EVFTA highway". On that highway, Vietnamese businesses are sure to face many difficulties. It is inevitable to feel nervous, but that will not be the reason for them to not “going to the highway”. The Council will represent the voices of Vietnamese and EU businesses in the EVFTA implementation, and acts as a bridge to bring opinions of businesses to the Government and relevant agencies of both Vietnam and the EU.”

“Thank EuroCham for your joint efforts with us. Thank you for the trust and support of the business community. I believe you make good use of this Agreement.”

Nicolas Audier, Chairman of EuroCham, said: “The EVFTA is a once-in-a-generation free trade agreement. Over the next decade, it will help to boost trade and investment between Vietnam – one of the world’s fastest-growing and most attractive markets – and the European Union, the world’s largest trading bloc. It is a true ‘win-win’ for companies and consumers on both sides.”

“Now the EVFTA has entered into force, it is up to business communities on both sides to make it a success and to ensure that our enterprises and societies can both unlock its full potential. EuroCham is proud to establish this new forum with VCCI, and to reaffirm the strong and effective relationship between our two chambers at the beginning of this new chapter of EU-Vietnam trade and investment relations.”