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EVFTA and EVIPA signing: Vietnam is becoming an attractive investment destination

EVFTA and EVIPA signing: Vietnam is becoming an attractive investment destination

Vietnam is becoming a good land for large corporations to invest, especially after the official signing of the Free Trade Agreement and Investment Protection Agreement with the European Union (EVFTA and EVIPA). recently.

EVFTA và EVIPA không chỉ giúp thúc đẩy đầu tư từ EU, mà còn là đầu tư nước ngoài vào Việt Nam nói chung. Trong ảnh: Lắp ráp ô tô tại nhà máy Toyota Việt Nam. Ảnh: Toyota

EVFTA and EVIPA not only help promote investment from the EU, but also foreign investment into Vietnam in general. In the photo: Assembling cars at Toyota Vietnam factory. Photo: Toyota

Open up the store

Perhaps, it is no coincidence that Prime Minister Nguyen Xuan Phuc flew to Osaka from Osaka (Japan) on June 30 to witness the signing ceremony of 2 EVFTA and EVIPA agreements, immediately after the end of the event. That historic event, flew to Tokyo to continue the tour in Japan. Accompanied by the Prime Minister returning to Japan this time, there are also Minister of Planning and Investment Nguyen Chi Dung, who has just signed the EVIPA Agreement.

And both, together with the other members of the delegation, on the morning of July 1, attended the Investment Promotion Conference in Tokyo, which, like the words of President JETRO Nobuhiko Sasaki, is a lot of Japanese investors looking forward to wait. Speaking at the crowded auditorium of the two countries, the Prime Minister said: “You are the first to open the goods when the two agreements just signed yesterday.”

Indeed, it was a lucky opening. Because right at the Investment Promotion Conference, the Prime Minister witnessed the awarding ceremony of 32 investment certificates and memorandum of understanding (MOU) between localities and Vietnamese enterprises with Japanese enterprises. Version, with a total value of up to 8 billion USD.

Last October, immediately after Vietnam held a Conference to sum up 30 years of attracting foreign investment, Prime Minister Nguyen Xuan Phuc also made a trip to Japan and witnessed the signing of a series of investment agreements. The total value is even higher than the number of this year – 10 billion USD.

Immediately after that trip, the Prime Minister came to Europe and received the good news that the European Commission (EC) agreed to submit to the Council of Europe for approval to sign officially EVFTA. And now, all has become a reality.

Information said that, during this trip to Japan, the Prime Minister also received many Japanese enterprises, such as Toshiba, Fujitsu, Hitachi, Daikin, Mazda, Mitsui, Omron, Yamaha … According to the affirmations from these corporations. They are all keen to invest in Vietnam and are very interested in opportunities from new free trade agreements that Vietnam participates in.

For example, Maruhan Group wishes to participate in the process of restructuring Vietnam’s banking system; Toray Industries Group wants to invest in the textile sector, with a closed, modern industrial complex; while Sumitomo Group, in addition to continuing to cooperate with Vietnamese partners to develop smart cities, is also interested in investing in the field of fin-tech …

Meanwhile, NIDEC Group has invested 250 million USD in high-tech engine production and will continue to invest 1 billion USD in this field in Hoa Lac Hi-Tech Park. AEON will invest in AEON Trade Center Project in Bac Tu Liem, with an investment capital of USD 250 million …

JETRO’s survey results show that over 70% of Japanese businesses want to expand their business in Vietnam.

The land is good for the big corporation

Speaking to Japanese investors, Prime Minister Nguyen Xuan Phuc shared the joy of Vietnam signing 2 important agreements EVFTA and EVIPA. The Prime Minister said that, with new free trade agreements signed, Vietnam is “at the heart of global trade flows”.

Affirming the consideration of Japanese business community and entrepreneurs as the “leading strategic partner” in the national development process, the Prime Minister has called on Japanese investors to invest more in Vietnam to soon return to the position of investor No. 1. “I came to Japan this time, compared to previous years, I have a firm belief that Vietnam will be a good land for large Japanese corporations” , The Prime Minister said.

But not only is the land healthy with large Japanese corporations, many views suggest that Vietnam is becoming an attractive investment destination for foreign investors, especially after EVFTA and EVIPA has just been signed.

Even Cecilia Malmstrom, EU Trade Commissioner, said that with better investment protection through commitments in EVIPA, EU investors will have more confidence to invest in Vietnam.

“Trust is the most important factor”, Romanian Minister of Business, Trade and Business Stefan-Radu Oprea has affirmed. According to him, the signing of EVFTA and IPA will initiate a period of effective cooperation on trade and investment between Vietnam and EU.

But not only with EU investors, EVFTA and EVIPA agreements, it can be said, will be a guarantee for a more open and open investment and business environment for global investors in general.

Moreover, according to Deputy Minister of Planning and Investment Vu Dai Thang, through the implementation of EVFTA and EVIPA, EU enterprises are not only able to participate in the Vietnam market, but also the ASEAN market and their markets. CPTPP member country. Regulations on origin of goods will also help foreign investors outside the EU invest in Vietnam to benefit.

“Therefore, EVFTA and EVIPA not only help promote investment from the EU, but also foreign investment into Vietnam in general”, Deputy Minister Vu Dai Thang emphasised.

Both the EU and Japan are highly valued investors of Vietnam

Until now, Japan has 4,190 investment projects in Vietnam, with a total registered capital of 57.9 billion USD, ranking second among countries and territories investing in Vietnam. Meanwhile, the EU has 2,244 projects in Vietnam with a total registered capital of 24.67 billion USD, excluding some other major projects through the third country or territory. Both the EU and Japan are highly valued Vietnamese investors who want to attract more investment.

Vietnam Stock Market Advisory Service