EVFTA ENFORCED: EU ENTERPRISES OPTIMISTIC ABOUT INVESTMENT CLIMATE IN HAIPHONG

Vietnam – Europe free trade agreement has been enforced since August 1. In a recent survey, Europe enterprises association in Vietnam, or EuroCham said EU enterprises are optimistic about Vietnam’s business climate. In Haiphong, up to this moment, the number of European enterprises in the city is not high, most of them are big groups which use modern technologies. These enterprises highly appreciate the city’s advantages and potential for investment attraction.

ZF – the world’s leading technological group from Germany now has 260 factories in 43 countries and 160,000 employees. ZF evaluated Vietnam as one of Southeast Asia’s fastest developing markets. After over a year cooperating with Vinfast, this company has invested usd 28 million on building its first factory in Vietnam. The factory officially came into operation in late July 2019 in the Vinfast production complex in Cat Hai district, Haiphong. ZF main products are the front and back axles for Vinfast’s high -end car models, namely Lux A2.0 and Lux SA 2. All production equipment and lines are imported from Germany. Its production process is tightly controlled to produce the best quality products.

– Mr. Danie Van WWyk – General Director of Automotive Vietnam Co., ltd

“EVFTA has been enforced recently. We are ready to grasp the opportunities of this agreement. It’s possible that a number of big groups will move from other Asian nations to Vietnam. Thus, Vietnam needs to pay attention to infrastructure to welcome foreign investment waves. We are lucky because our factory is located near the port, Haiphong customs office and other utilities. I ‘m confident that the city’s government has realized that once FTAs are enforced and covid-19 pandemic is driven back, Haiphong is capable of receiving these investment waves. Alongside, Haiphong sources will have opportunities to develop, particularly workforce when they are trained. When production is localized, the economy will develop”.