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EuroCham provides insights on EVFTA and new SME support law

Released at: 19:58, 22/06/2017

EuroCham provides insights on EVFTA and new SME support law

Photo: EuroCham

Chamber holds "EU-Vietnam Free Trade Agreement: What's in it for SMEs? and Insights on the new SME Law" conference on June 22 in HCMC.

by Linh San

The implementation of the EU-Vietnam Free Trade Agreement (EVFTA) is a historic rendezvous for Europe and Vietnam and has the potential to foster one of the most dynamic intercontinental trade corridors in the world, Mr. Nicolas Audier, Vice Chairman of EuroCham Vietnam, told the “EU-Vietnam Free Trade Agreement: What’s in it for SMEs? and Insights on the new SME Law” conference held on June 22 in Ho Chi Minh City by EuroCham.

But the EVFTA is not only about trade and investment; it will also bring a new attitude towards business. “It will create conditions for European know-how and small and medium-sized (SMEs) to reach Vietnam more easily, with new, cutting edge, smart and environmentally-friendly solutions and technology,” he said. “SMEs are the fabric of Europe and Vietnam’s business landscape, and they will benefit from the new environment established by the EVTFA.”

The event gathered together EuroCham’s leadership and leading business experts, such as Mr. Audier, Mr. Hanh Tran (DFDL Vietnam Country Partner and Head of the Ho Chi Minh City Office), Mr. Thomas McClelland (EuroCham Tax & Transfer Pricing Sector Committee Chairman and Tax Leader at Deloitte Vietnam), and Ms. Valentina Salmoiraghi (South East Asia IPR SME IP Helpdesk Business Advisor). The conference also attracted an audience of around 35 business representatives.

“The new measures contained in the SME Support Law implement the government’s objectives to encourage private enterprises and create a favorable environment to support startups and innovative enterprises,” said Mr. Thomas McClelland, Chairman of EuroCham’s Tax & Transfer Pricing Sector Committee. “They will benefit both local Vietnamese enterprises, which contribute nearly 50 per cent of Vietnam’s GDP, as well as foreign-invested SMEs. The reduction in corporate income tax rates to 17 per cent, the simplification of accounting and tax filing procedures, and access to credit are welcomed by EU-invested SMEs.”

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