21st November 2019
For members with business interests in Southeast Asia, and in particular in Vietnam, MGI Worldwide accounting association and sister law firm network Mackrell International, have published a new Doing Business Guide for Vietnam, including an introduction to the EU-Vietnam Free Trade Agreement (EVFTA).
On 30 June 2019, the European Union and Vietnam signed a Trade Agreement and an Investment Protection Agreement (EVFTA). This agreement with the EU is an ambitious pact providing the elimination of almost 99 percent of all customs duties between the EU and Vietnam.
According to Pham Thi Huong, Partner at MGI Asia member firm Vietnam Auditing & Valuation Co. Ltd, the FTA will increase Vietnam’s exports to European countries, namely in the textile and garment industry, footwear, computer parts and smartphones.
European countries will also benefit from Vietnam’s market of 95 million people and its fast-mushrooming consumer class.
About the guide
The new MGI Worldwide / Mackrell International guide provides a range of business information, including details on:
- Legislative system
- Making an investment
- Setting up branch and representative offices
- Foreign contractors
- Land rentals and ownership
- Forex controls and the stock market
- Mergers and acquisitions
In addition to this the Guide provides an introduction to the recent EU-Vietnam Free Trade Agreement (EVFTA), providing an overview of its salient features as well as reporting on the positive outlook for European business in Vietnam.
Click HERE to view the full Doing Business Guide and EVFTA overview.
Vietnam is the easternmost country on the Indochina Peninsula in Southeast Asia and borders Cambodia and Laos in the west, and China in the north. Historically, Vietnam had a predominantly agricultural economy based on wet rice cultivation. However, manufacturing, information technology, and high-tech industries now form a large and fast-growing part of the national economy. Though a relative newcomer to the industry, oil is now a fast-growing sector – Vietnam being the third-largest oil producer in Southeast Asia.
- Vietnam is the EU's 16th trade partner and the EU's second largest trading partner in the Association of Southeast Asian Nations (ASEAN).
- The EU's main exports to Vietnam are high tech products, including electrical machinery and equipment, aircraft, vehicles, and pharmaceutical products.
- Vietnam's main exports to the EU are telephone sets, electronic products, footwear, textiles and clothing, coffee, rice, seafood, and furniture.
- With a total foreign direct investment stock of €6.1 billion (2017), the EU is one of the largest foreign investors in Vietnam. The largest sector of investment by the EU is industrial processing and manufacturing.
(Facts taken from EU Commission website)
For further information contact Ms. Phạm Thị Huong at email@example.com or visit Vietnam Auditing and Valuation Company Limited (AVA)’s online profile page or their website.
MGI Asia is part of MGI Worldwide, a top 20 ranked global accounting network with some 5,400 independent auditors, accountants and tax experts in over 260 locations around the world.