This is expected to change the country’s foreign investment picture.

In January, a working group of the chamber in Vietnam led by Bouflet visited the province to work on business and investment opportunities. Binh Duong, one of the country’s top foreign investment destinations, is now expecting further EU investment in green economy, sustainable business, financial services, energy and logistics, according to Vietnamese media reports.

In January this year, the ministry of planning and investment (MPI) announced that Vietnam attracted $2.1 billion worth of FDI, up 4.2 per cent on-year, of which foreign-invested enterprises increased $1.27 billion in their existing projects.

The increase is contributed through large investment from EU member countries. For instance, French funding in Vietnam in January alone reached $25.44 million, up from $2.28 million in January last year. German investment in Vietnam hit $12.77 million during the period, compared to $0.96 million in the same month of 2021.

The latest Business Climate Index shows—a periodic barometer of European business leaders and investors from EuroCham—European companies ended 2021 more optimistic about Vietnam’s trade and investment environment.

As many as 43 per cent plan to increase their investment in the first quarter of 2022, compared to just 17 per cent three months ago. Likewise, more than one-third (38.5 per cent) intend to increase their headcount, up around 15 per cent, while over half (51.5 per cent) are predicting a rise in orders and revenue.

Fibre2Fashion News Desk (DS)