The Hanoitimes – The signing of the EU-Vietnam Free Trade Agreement (EVFTA) will create a big step in Vietnam’s government procurement field as foreign investors will be allowed to take part in the market for the first time. Government procurement is about how public authorities spend public money when buying goods, works or services. This can range from buying IT equipment or providing water, gas and electricity, to building a hospital or a road. Healthcare takes up 67 percent of Vietnam’s total public procurement market value Currently, foreign firms are not permitted to engage in bidding activities for government-funded projects as Vietnam has not agreed to make its government procurement subject to the Government Procurement Agreement of the World Trade Organization. However, the country is taking this step for the first time with the EVFTA, which is due to be ratified next year. Under the deal, European companies will be able to bid for public procurement contracts in Vietnam under the same conditions as Vietnamese companies, for a selective number of entities. Experts said that European firms really want to partake in government procurement contracts in Vietnam and many of them have and will come to Vietnam in search… Read full this story
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