Hoang Tri Mai, general director of Airbus Vietnam, shared these insights at the 2023 Vietnam-EU Trade Forum in Ho Chi Minh City on November 27.
"Finding suppliers that meet Airbus's stringent standards is not without its challenges, but we are unwavering in our resolve to expand our supply chain in Vietnam," stated Mai.
She also noted the need for suppliers to commit to sustainable practices and carbon emissions reductions.
"The aviation industry’s shift towards green energy aligns well with Vietnam's rich biomass resources, offering significant opportunities in this transition," she added.
The EU stands as the sixth-largest foreign investor in Vietnam, boasting 2,540 projects with an accumulated registered capital of approximately $1.23 billion as of October 2023 – accounting for 6.4 per cent of Vietnam's total registered foreign direct investment (FDI).
Ta Hoang Linh, head of the EU and Americas Market Department at the Ministry of Industry and Trade, highlighted the pivotal role of the EU-Vietnam Free Trade Agreement and the forthcoming EU-Vietnam Investment Protection Agreement.
"These agreements are a vital part of Vietnam's drive to attract investment and technology transfer from the EU. They pave the way for our economy's shift towards a greener and more sustainable direction," Linh said.
EuroCham Chairman Gabor Fluit reported on the EU's increasing investment in Vietnam.
"In 2022, we saw a remarkable growth in EU investment, with 146 new projects worth $15 billion, up from $13 billion in the previous year," he stated.
A recent EuroCham survey revealed that over half of its member companies plan to amplify their investments in Vietnam by the end of 2023.
"This growth, especially in high-tech manufacturing, highlights Vietnam's efficacy in attracting sustainable FDI and marks it as a strategic hub for global businesses," Fluit commented.