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EuroCham launches 2022-2023 Whitebook

The European Chamber of Commerce in Vietnam (EuroCham) on February 16 launched its 2022-2023 Whitebook, with the theme “Working Toward a Green Economy and Sustainable Development”.

The annual publication presents policy recommendations that aim at resolving regulatory hurdles and facilitating the growth of the country's economy, focusing on areas of health care, the green economy and sustainability, and innovation and investment.

EuroCham Chairman Alain Cany said that the introduction of the Whitebook, along with relevant discussions, has brought about chances to seek solutions for the development of all areas.

EuroCham also gives recommendations on waste water management, offshore wind power development, and green building, along with new regulations on visas and work permits to attract foreign workforce.

He pledged that EuroCham will coordinate with Vietnam in creating opportunities for all parties.

Thomas Wiersing, chargé d’affaires of the Delegation of the European Union to Vietnam, said that the EU-Vietnam Free Trade Agrement (EVFTA) has facilitated import-export and investment of both the EU and Vietnam, adding that the launch of the Whitebook will help strengthen bilateral cooperation in investment and attract more capital to Vietnam.

In order to effectively implement the EVFTA and this cooperation, Wiersing expressed his hope for more support from businesses and the Government of Vietnam to make full use of the existing advantages brought about by the deal.

According to the Whitebook, Vietnam has great opportunities in investment and development of renewable energy and wind power as an alternative solution to support the country's transition.

Stuart Livesey from the Copenhagen Infrastructure Partners (CIP) said that new energy sources such as offshore wind power require huge investment. However, the complexity of these projects mainly comes from a lack of a legal and policy framework, which has slowed down the investment capital flows needed to achieve net-zero emissions, he said.

Participants said they expect clearer information on Vietnam's power development plan and its related policies, along with the rapid development of a legal and policy framework to enable the private sector to engage in national energy investment.

Nguyen Quang Vinh, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said many aspects such as energy transition, renewable energy development, low carbon hydrogen, waste-to-energy or green tourism are new. In order to attract investment to these areas, it is necessary to put in place the necessary measures and policies as soon as possible to provide a clear context for foreign investors, he recommended./.