Foreign chambers of commerce in Vietnam gather to address business challenges

Four foreign business associations gathered last week for their monthly meeting to address pressing business challenges in Vietnam.

The meeting drew the participation of representatives of the European Chamber of Commerce (EuroCham), the Korean Chamber of Commerce (KoCham), the American Chamber of Commerce (AmCham), and the Japanese Chamber of Commerce and Industry (JCCH).

The discussions focused on tackling VAT refund delays, work permit inefficiencies, and developing advocacy strategies to enhance transparency and administrative efficiency.

They aimed “to drive meaningful reforms that benefit the broader business community and improve Vietnam’s regulatory environment,” EuroCham said.

The collaborative session “reinforced the importance of joint advocacy in addressing shared challenges and fostering a more business-friendly environment in Vietnam,” it added.

Regarding VAT refund delays and financial strain, the participants highlighted the significant delays in VAT refunds, unclear policies, and the dependence on consultants.

Recommendations included digitalization, simpler documentation requirements, and a streamlined refund process to alleviate financial strain on both SMEs and large corporations.

On work permit issues, they said unclear procedures, prolonged approval times, and outdated requirements across provinces have disrupted operations. The group proposed centralized guidelines and simplified processes to ensure uniformity and efficiency.

Furthermore, they outlined a unified approach on broader advocacy strategy, involving detailed issue-specific letters to central authorities, leveraging the Vietnam Business Forum (VBF) platform, and pushing for long-term reforms in digitalization and transparency.

Since 1998, EuroCham Vietnam has represented European businesses in Vietnam. With over 1,400 members employing 150,000 workers, it is one of the largest foreign business associations in the country.