EuroCham proposes full inclusion of EU members on Vietnam's visa exemption list
EuroCham, the leading voice of the European business community in Vietnam, has proposed the expansion of Vietnam's visitor visa exemption list to encompass all 27 EU member countries.
In a letter to Prime Minister Pham Minh Chinh, the commerce chamber said it recognized the recent efforts undertaken by the Vietnamese government to streamline its visa system, EuroCham appreciates the extension of e-visa validity to a 90-day period, enabling multiple entries and exits starting from August 15.
EuroCham commends the Vietnamese authorities for extending the temporary residence period for citizens from countries exempt from visas by Vietnam to 45 days, it added.
However, it said further measures are necessary to fully capitalize on the vast potential of the EU-Vietnam economic relationship and foster robust economic growth. Presently, the visitor visa exemption list includes only seven EU member countries, namely Germany, France, Italy, Spain, Denmark, Sweden, and Finland.
With the aim of promoting enhanced trade and investment opportunities, EuroCham underlined the vital importance of expanding the visitor visa exemption list to encompass all 27 EU member countries.
"This expansion will bring in a large number of travelers from the EU market, which has a population of over 500 million. By removing barriers for high-income international travelers to visit Vietnam, we will undoubtedly unlock amazing opportunities for the country's economy after a difficult few years," said Gabor Fluit, chairman of EuroCham Vietnam.
"It's not only about the sheer number of visitors, but also the extended duration of their stays and their substantial purchasing power where European travelers truly stand out. European travelers tend to stay much longer, often for two weeks or more. This extended period allows them more of an opportunity to contribute to the economy, and perhaps even explore business prospects along the way. It's all about creating room for travelers to create more value during their visit,” he added.
This initiative has garnered substantial support from Team Europe, with the appeal being co-signed by 18 ambassadors of EU members to Vietnam as well as the chairs of national European business associations. The appeal, addressed to Prime Minister Pham Minh Chinh, as well as the Ministry of Foreign Affairs, Ministry of Culture, Sport and Tourism, and Ministry of Public Security, highlights the considerable potential for the positive impact on the Vietnamese economy resulting from an expanded visitor visa exemption list.
It anticipates a significant increase in European travelers and a surge in business activities as a direct result. EuroCham envisions this will play a pivotal role in stimulating the economy, expanding trade opportunities, and increasing foreign direct investment inflows, according to its release.
Vietnam welcomed nearly 5.6 million international visitors in the first half of this year, accounting for 66% of the figure the country recorded in 2019 before the outbreak of the Covid-19 pandemic, according to the Vietnam National Authority of Tourism – the new name for the Vietnam National Administration of Tourism from July 1.
The UK, France, and Germany were the three biggest markets for Vietnam tourism in Europe.
Vietnam aims to welcome 110 million tourists including 8 million international visitors in 2023 and earn about VND650 trillion ($27.56 billion) from tourism.
- Read More
Sun Group unit okayed to be investor of $236 mln urban area project in Vietnam's Van Phong Economic Zone
The Co Ma high-end urban area in the Van Phong Economic Zone, located in Khanh Hoa province, now has an investor - Song Han Sun Company Limited, a subsidiary of Vietnam's leading real estate developer Sun Group.
Real Estate - Wed, December 25, 2024 | 9:48 pm GMT+7
Foreign investment into Thailand up 118% in 11 months
A total of 884 foreign companies were approved to invest in Thailand in the first 11 months of 2024 under the Foreign Business Act of 1999, with total investment of over THB213.96 billion ($6.26 billion).
Southeast Asia - Wed, December 25, 2024 | 9:20 pm GMT+7
Joint venture established to operate Hai Phong container terminals
Hai Phong Port JSC (PHP) has established TIL Hai Phong International Port LLC to operate international container terminals 3 and 4 under the Hai Phong Gateway International Port project in Lach Huyen, the northern city of Hai Phong.
Infrastructure - Wed, December 25, 2024 | 9:10 pm GMT+7
China’s Luxshare-ICT to invest $209 mln more in central Vietnam
China’s Luxshare-ICT, a supplier of Apple, will invest an additional $208.5 million in Vietnam’s central province of Nghe An, according to a recent project report.
Industries - Wed, December 25, 2024 | 5:27 pm GMT+7
Vietnamese companies fully tap livestreaming to boost sales
Vietnamese businesses are increasingly mastering social media platforms like TikTok to boost revenue and drive sales growth, especially as e-commerce continues to trend upwards.
Companies - Wed, December 25, 2024 | 5:07 pm GMT+7
Some Vietnamese banks post big profits for 2024
Some Vietnamese banks have reported a profit growth of up to 16-60% year-on-year for 2024.
Banking - Wed, December 25, 2024 | 4:53 pm GMT+7
Vietnam gov't investment arm SCIC expects $438 mln pre-tax profit for 2024, a record high
The State Capital Investment Corporation (SCIC), Vietnam’s government investment arm, is set to achieve a record profit in 2024, driven by strong dividend income from its diverse investment portfolio.
Companies - Wed, December 25, 2024 | 3:49 pm GMT+7
Hue, Hanoi among 50 best food cities by TasteAtlas
Hue and Hanoi are two Vietnamese destinations making it into the list of the 50 must-visit food cities in the world in 2024-2025 by food magazine TasteAtlas.
Travel - Wed, December 25, 2024 | 2:02 pm GMT+7
China’s Goertek to double UAV production in Vietnam to 60,000 units
Chinese electronics giant Goertek will double its unmanned aerial vehicle (UAV) production in Vietnam to 60,000 units a year, according to a recent project report.
Industries - Wed, December 25, 2024 | 1:33 pm GMT+7
Thailand WHA to build $55 mln industrial park in central Vietnam from Q4/2025
Thailand’s top industrial park (IP) developer WHA will commence the construction of its $55 million IP in Vietnam’s central province of Thanh Hoa from the fourth quarter of next year.
Industrial real estate - Wed, December 25, 2024 | 11:21 am GMT+7
VND/USD exchange rate surges again
The VND/USD exchange rate has risen sharply since the end of last week, now reaching VND25,900 in the free market, an increase of 4.5% from the beginning of 2024.
Finance - Wed, December 25, 2024 | 9:35 am GMT+7
Vietnam seen as favourite New Year destination for int’l travellers: Agoda
With inbound accommodation searches up 30% compared to last year, Vietnam is set to sparkle as a favourite for international revelers looking to welcome New Year 2025, according to Agoda.
Travel - Wed, December 25, 2024 | 9:27 am GMT+7
Navigating risks from AI adoption
Developing trustworthy AI solutions is essential for senior leaders to successfully navigate the risks of rapid AI adoption and fully embrace and integrate this transformative technology. write Deloitte analysts.
Consulting - Wed, December 25, 2024 | 8:20 am GMT+7
Vietnam telecom giant VNPT posts over $239 mln pre-tax profit in 2024
State-owned Vietnam Posts and Telecommunications Group (VNPT) reported a consolidated pre-tax profit of VND6.09 trillion ($239.3 million) in 2024, according to its newly released business report.
Companies - Tue, December 24, 2024 | 10:01 pm GMT+7
Vietnam's PVI Insurance achieves historic VND20 trillion revenue milestone in 2024
PVI Insurance has made history as the first and only non-life insurance company in Vietnam to exceed VND20 trillion (roughly $786.2 million) in revenue in 2024.
Southeast Asia - Tue, December 24, 2024 | 9:18 pm GMT+7
Malaysian fund sues Amicorp for allegedly facilitating $7 bln fraud
Malaysian state fund 1Malaysia Development Berhad (1MDB) has filed a legal claim against corporate services provider Amicorp Group and its CEO Toine Knipping, alleging it facilitated over $7 billion in fraudulent transactions, the fund said on Monday.
Southeast Asia - Tue, December 24, 2024 | 9:11 pm GMT+7
- Opinion
-
Vietnam embraces new wave of investments: HSBC exec
-
Chinese e-commerce giant Temu's Vietnam entry: unfair competition or market economy norm?
-
Vietnam's economy: positive changes but concerns persist
-
Slow administrative procedures hinder Korean investments in Vietnam: KoCham chair
-
Abundant real estate opportunities surround HCMC
-
Vietnam needs to modify FDI incentives to stay competitive amid global minimum tax application: expert