Economic integration policies in Europe and Asia
1. It was my pleasure to participate in the 1st BLLC collective in Asia networking on Thursday 24th February 2022. Thanks to BLCC and BVA for helping our law firm connect with the widebusiness network and market informationwhich had been shared between the entire European and Asia Business community. Among 8 breakout rooms (finance, tech, transport-logistics, HR & manufacturing, agronomy, healthcare), our law firm shared our experience working with Vietnam’s region in the Agronomy room and Manufacturing room. Some subjects such as real estate/construction, trade/ retail, gas were not invoked. We hope other interesting topics will be covered in the next BLLC and BVA meetings.
2. Asia and Vietnam legal views as regard to European law
2.1. Manufacturing sector in Vietnam
Even under the impact of Covid-19, with Vietnam’s efficient political plans, its recent RCEP membership (Regional Comprehensive Economic Partnership), and the EU-VN Free Trade Agreement, which took effect on 1st Aug 2020, the country continues to be one of the leading countries of the region in manufacturing and production and one of the most attractive markets for European investment (competitively priced labour, legal and political stability…). Foreign investors can establish 100% foreign-owned manufacturing companies or acquire up to 100% of existing local manufacturing companies under Vietnamese law.National and local political incentives (tax, location, legal formalities, entry, travel, export, processing enterprise) of setting up a foreign company in some Vietnam’s industrial zones (EA/IP/ EPZ/EIZ/ AIZ) are a popular reason for foreign businesses to invest in Vietnam (total registered investment capital: 2.52 million billion VND and 230.2 billion USD-April 2021)
2.2. Asia’s Agronomy-on the road to development:
We are surprised by the term used because it is not the traditional way to a business topic in connection with agriculture and business. We appreciated the choice of BVBA term’s «Agronomy», which let us think of Asia’s future agriculture and future business development in a more sustainable way under the law in respect of the inter-connection between the environment and humans by prioritizing the application of science and technology of producing and using plants by agriculture on food, fuel, fiber, chemicals, recreation, or land conservation.Different opportunities in various areas will be open for European enterprises: biology, chemicals, economics, ecology, earth science, genetics, education.
Please contact CZ Avocats (secretariat@czavocats.com) if you have any question about these subjects:
– The draft of the Decree on industrial parks and economic zones management (to replace Decree No. 82/2018/ND-CP)
– How do Oil and Natural Gas Prices affect the manufacturing Hub in Vietnam and Asia in reference to the tax and legal analysis (French, Belgium, Vietnam, European law).
