Promote reform, increase transparency and strengthen investor confidence

This year’s publication not only continues the tradition of contributing to policy formulation, but also deeply reflects the expectations of the European business community for the future of bilateral cooperation. Based on proposals from 19 different Sectoral Committees, the Whitebook 2025 focuses on strategic priorities that have a systemic impact on investment, production, trade and innovation activities in Vietnam.

Mr. Bruno Jaspaert, Chairman of EuroCham

Speaking at the launch ceremony, Mr. Bruno Jaspaert, Chairman of EuroCham, emphasized: “The White Book is a clear demonstration of the spirit of genuine cooperation between Vietnam and Europe - where businesses not only reflect on difficulties but also propose specific solutions to promote change.”

Global challenges and Vietnam's special position

In recent years, the global economy has been continuously faced with many systemic shocks, from trade wars, retaliatory tariffs, supply chain shifts to complex geopolitical uncertainties. These factors pose great challenges to export-oriented economies like Vietnam, in the context of declining global demand and increasing technical barriers.

However, despite these fluctuations, European investors’ confidence in the Vietnamese market remains stable. According to EuroCham, this comes from a relatively favorable macroeconomic environment, the Government’s administrative reform efforts, and especially new-generation free trade agreements such as the EVFTA.

“Despite facing many global obstacles, the Vietnamese Government’s GDP growth target of 8% in 2025 remains unchanged, clearly demonstrating its determination and strong desire for development. To achieve this goal, Vietnam needs to focus on strengthening its internal strength while effectively leveraging the advantages of its international cooperation network,” Mr. Bruno Jaspaert emphasized.

Cross-Sectoral Reform Framework: Unlocking Development Potential

A notable new feature in the White Paper 2025 is the introduction of a cross-sectoral reform proposal framework, focusing on five strategic priorities to enhance transparency, reduce administrative barriers and increase competitiveness for the economy.

The White Paper introduces a cross-sectoral framework of initiatives, revolving around five “strategic priorities”, including: Visa policy; Immigration procedures and airport infrastructure; Work permits; Value-added tax (VAT) refunds; and Customs procedures.

First, visa policies and immigration procedures currently have many shortcomings, directly affecting the ability to mobilize international personnel and access high-quality talent. Second, airport and logistics infrastructure, especially in large cities, are facing overload pressure, reducing the efficiency of supply chain operations.

Next is the issue of work permits for foreign experts, which still has many regulations that are not synchronized between agencies and localities. Fourth, the VAT refund process is still complicated, inconsistent and difficult for businesses. Finally, customs procedures, although there have been many advances, still need to be further simplified and digitized to promote cross-border trade.

In addition to this framework, EuroCham Sectoral Committees have also made specific recommendations in key sectors such as semiconductors, green finance, sustainable agriculture, healthcare, pharmaceuticals, electric vehicles and vocational education. These recommendations reflect the wide range of engagement from SMEs to multinational corporations operating in Vietnam.

From dialogue to action

Unlike a mere “commenting” role, EuroCham identifies itself as a partner in action, participating in the process of planning and implementing public policies in Vietnam. In 2024, the association sent more than 111 policy comments to ministries, branches and local authorities; and participated in more than 200 working meetings with senior leaders such as the Prime Minister, the Chairman of the National Assembly and the Central Economic Committee.

Not stopping there, EuroCham also proactively organizes and co-organizes many seminars to share international experiences, promote institutional reform and support capacity building for enforcement agencies.

According to EuroCham Vice Chairman Jean-Jacques Bouflet, EuroCham's Sectoral Subcommittees do not stop at raising issues but accompany Vietnam in the process of solving them. What is stated in the White Book is the crystallization of an open dialogue process, based on the practical experiences of businesses.

EVFTA turns 5 years old: Opportunity to "unlock potential"

Speaking at the event, EU Ambassador to Vietnam Julien Guerrier affirmed that Vietnam-EU trade relations are at a ripe time to make the most of the potential brought by the EVFTA.

“Free and fair trade is part of Europe’s DNA, the foundation of our prosperity and competitiveness. The EU is determined to work with partners, including Vietnam, to respond to the new realities of the global economy,” EU Ambassador to Vietnam Julien Guerrier reaffirmed.

Ambassador Guerrier also highlighted the upcoming milestone, the fifth anniversary of the EU-Vietnam Free Trade Agreement (EVFTA) as an important occasion to review progress and renew shared goals: “The EVFTA has clearly shown that trade and investment flows can thrive when we build on a solid foundation. We need to make the most of this agreement to unlock its full potential.”

Looking ahead, Ambassador Guerrier expressed optimism and called on both sides to seize the opportunity: “Together, the EU and Vietnam can turn current challenges into new opportunities for bilateral trade and investment. The upcoming visits of EU Trade Commissioner Maroš Šefčovič and President of the European Commission Ursula von der Leyen, together with the planned upgrade of EU-Vietnam diplomatic relations, will be important milestones on the road to a prosperous future.”

Business confidence remains stable, action to maintain advantage

According to the results of the Business Confidence Index (BCI) survey in the first quarter of 2025, confidence in Vietnam's long-term prospects remains stable, despite uncertainties from the external environment.

This is a positive signal, showing that European businesses still believe in the resilience and breakthrough of the Vietnamese economy – especially if the reforms proposed in the White Paper are implemented effectively and consistently.

EuroCham Chairman commented: “Although the current period is challenging with rapid changes and increasing global uncertainties, this is also a golden opportunity for transformation. Vietnam has the opportunity to consolidate its core strengths, expand sustainable and trustworthy trade relationships, and effectively utilize the network of free trade agreements to attract more high-quality foreign investment flows. In addition, continuing to improve the legal framework will be a solid premise for long-term growth and sustainable development.”

“The EuroCham White Book is a compass, not only for Vietnam but also for Europe, to overcome the storms of the present and open up the opportunities of tomorrow,” concluded Mr. Jaspaert.

Source: https://thoibaonganhang.vn/thuc-day-cai-cach-tang-tinh-minh-bach-va-cung-co-niem-tin-nha-dau-tu-162655.html