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EuroCham Chairman: Vietnam Poised to Join the Top 15 Global Economies

Vietnam stands at a unique crossroads, poised for unprecedented growth. With an extensive network of Free Trade Agreements (FTAs), a rapidly expanding manufacturing capacity, and an economy renowned for its resilience, the country is primed to surge ahead. As the Chairman of EuroCham observes, these factors collectively position Vietnam as a formidable player in the global arena, ready to capitalize on its strengths and chart a course toward remarkable advancement.

Administrator

6 November, 2025

At the Swiss-Vietnamese Economic Forum held in Da Nang, Mr. Bruno Jaspaert, Chairman of the European Chamber of Commerce in Vietnam (EuroCham), affirmed that Vietnam’s ambition to become the world’s 15th largest economy by 2045 is no mere lofty declaration. “Which nation dares to stand before global leaders and commit to carbon neutrality by 2050, sustain a minimum 8% growth, and join the top 15 economies? Only Vietnam,” he stated.

According to Mr. Bruno Jaspaert, Vietnam is currently one of Asia’s leaders in trade integration, with 17 free trade agreements and 14 strategic partnerships, second only to Singapore in ASEAN. Over the past 25 years, despite global shocks like the dot-com bubble, the financial crisis, and the COVID-19 pandemic, Vietnam has maintained steady growth.

“This nation is just at the beginning of its development journey, and that’s what makes it unique in today’s global landscape,” the EuroCham representative remarked.

Vietnam’s momentum is further highlighted by the impact of the EVFTA. Just five years after its implementation, Vietnam-EU trade now accounts for 40% of the total accumulated trade. Mr. Bruno Jaspaert sees this as clear evidence of the potential when a trade bloc and a nation jointly promote free trade.

One underappreciated aspect, he notes, is that Vietnam’s imports are growing as rapidly as its exports, particularly in high-tech goods and machinery, up 38% and 24%, respectively. This trend indicates that the economy is moving beyond assembly to build a substantial industrial foundation, expanding production capacity and adding value within the supply chain.

Regarding growth prospects, the EuroCham Chairman believes Vietnam can achieve its 8% target, despite lower forecasts from international organizations. He cites a practical metric: the average speed of trucks in Vietnam has risen from 26 km/h to 53 km/h in seven years. “Numbers like these never lie,” he said, viewing this as the clearest sign of the economy’s robust dynamism.

Mr. Bruno Jaspaert, Chairman of EuroCham

From a policy perspective, Ms. Nguyễn Thị Lan Phương, Deputy Head of the WTO and FTA Department (Ministry of Industry and Trade), noted that Vietnam has implemented 16 free trade agreements, is preparing to activate the FTA with the UAE, and is in the final negotiation phase with the EFTA bloc (Switzerland, Norway, Liechtenstein, and Iceland). The next negotiation round is scheduled for late November in Da Nang, expected to pave the way for the agreement’s completion.

Thanks to its expansive FTA network, Vietnam has transformed from a planned economy to a socialist-oriented market economy, now ranking 3rd in ASEAN and 34th globally in GDP. In 2024, total trade exceeded 780 billion USD, maintaining a trade surplus and placing Vietnam among the top 15 FDI destinations worldwide. However, the utilization rate of FTA tax incentives remains at 30-40%, significantly lower than Thailand and Indonesia’s 60-80%.

To enhance integration effectiveness, Ms. Lan Phương stated that the Ministry of Industry and Trade is implementing a four-pillar action program.

The first is the FTA electronic portal, operational since 2020, allowing businesses to access bilingual information on tariff commitments, rules of origin, and sustainable development standards—a crucial step toward trade data transparency. The Ministry is also developing the FTA Index to evaluate local implementation capacity, encouraging provinces and cities to better support businesses.

Parallel to this is the creation of an ecosystem to help businesses leverage FTAs, connecting management agencies, industry associations, and trade promotion organizations, with a focus on small and medium-sized enterprises. The final pillar is specialized FTA training, helping officials and businesses understand regulations, comply with commitments, and maximize agreement benefits.

From a partner’s perspective, Mr. Andri Meier, Deputy Head of Cooperation at the Swiss Embassy in Vietnam, noted that Vietnam has demonstrated impressive integration capabilities but still has room to expand, particularly in supporting domestic businesses to deepen their participation in global value chains. Switzerland is currently implementing dozens of development cooperation projects in Vietnam, focusing on enhancing compliance standards and access to high-standard markets.

According to economic experts, signing and effectively utilizing FTAs will propel Vietnam from a processing economy to a high-value economy, upgrading supply chains and industrial capabilities amid global trade volatility. The strategy of openness and proactive integration is seen as the right path to solidify Vietnam’s position on the global economic map.

EuroCham Chairman Bruno Jaspaert shared that his confidence in Vietnam stems not just from impressive growth figures but from the nation’s extraordinary resilience.

“I believe Vietnam possesses something few nations have—the resilience to rise above. A momentum strong enough to overcome even the floods occurring right here, something I’ve never seen in any other country. After working in eight nations, this is why I remain here. I’m convinced Vietnam has everything needed to turn its aspirations into reality.”

Tử Kính

– 07:00 06/11/2025