EuroCham Vietnam's latest Whitebook proposes recommendations to boost green investment

This Whitebook provides a comprehensive set of recommendations under the theme of boosting Vietnam's investment into a green and sustainable economy.

Even though environmental sustainability is the main goal, the Whitebook takes a broader scope by focusing on four key areas, namely improving the business environment, a discussion on consumer choices, advancements in the health and beauty industry, and sharing best practises for green and sustainable development.

Through these pillars, businesses can enhance their capabilities, revamp their operations, and strengthen their social responsibility.

The 2024 edition of the EuroCham Whitebook is an invaluable resource, enriched with the input from EuroCham's 19 sector committees. Each of these committees acts as a focused group of experts, bringing in-depth knowledge to the table and offering policy suggestions.

Their expertise covers a wide range of sectors, from the fast-evolving digital economy to initiatives for sustainable and green growth. This turns the paper from simply a collection of studies into a more practical guide.

It also provides real-world solutions to the challenges that European companies face in Vietnam and offers guidance to both policymakers and business leaders as they navigate Vietnam’s regulatory and growth environment.

EuroCham is confident in the Whitebook's potential impact. By addressing the hurdles highlighted in the document, EuroCham believes it will greatly support the effective implementation of the EU-Vietnam Free Trade Agreement and help bring about the full ratification of the EU-Vietnam Investment Protection Agreement.

This effort is crucial for strengthening the economic relationship between Vietnam and the European Union in a way that benefits both sides.

EuroCham chairman Gabor Fluit said, "The valued Europe-Vietnam relationship demonstrates the power of cooperation and conquering challenges together. Our ongoing joint commitment and aligned vision pave the way for significant progress in developing Vietnam's business climate."

"This Whitebook aims to help shape a future where responsible businesses spur innovation and positively benefit Vietnam's people and environment. Despite the obstacles ahead, Vietnam and Europe share a strong determination to realise their ambitious sustainability goals. Past achievements, combined with future focus, signal exciting prospects," Fluit added.

"For over 25 years, EuroCham has played a supportive role facilitating public-private dialogue to advance Vietnam. This Whitebook seeks to deepen such engagement through respectful collaboration and open exchange, which is essential in achieving our shared aspirations," he said.

Erik Contreras, chairman of the EuroCham Green Growth Sector Committee said, "We aim to partner with Vietnam to champion next-generation sustainability solutions across key industries. We stand eager to share global expertise on everything from waste management innovations to energy-efficient building design."

"To support Vietnam’s renewable energy future, we recommend focused cooperation on streamlining clean power investments and purchase agreements. It is necessary to swiftly deliver effective regulations to enable the delivery of green energy growth that will maximise Vietnam’s potential in this area whilst also providing a socioeconomic boost to the supply chain and labour force. Allowing greater private sector participation is critical for realising a fossil fuel-free future that will preserve enduring prosperity," concluded Contreras.

European companies expect foreign direct investment (FDI) to continue to flow into Vietnam although their confidence in the local business environment decreased slightly amid global economic uncertainties.

Regional business executives of leading European corporations in various sectors met with Prime Minister Pham Minh Chinh at the Green Economy Forum and Exhibition (GEFE) 2022 on November 28 in Ho Chi Minh City.

Confidence among European businesses operating in Vietnam is showing signs of resilience as the latest Business Confidence Index (BCI) from the European Chamber of Commerce in Vietnam (EuroCham) reached 46.3 points in the fourth quarter of 2023.