The director said several European businesses expressed their confidence in Vietnam's future when Vietnamese Prime Minister Phan Van Khai decided to present the European Business Association with a certificate of merit. The award will be given to seven associations - all members of the Vietnam Chamber of Commerce and Industry, in recognition of their contributions to the development of the business community in Vietnam. 

"They are involved in all sectors of activities. EuroCham plays a role in helping and improving the business environment in Vietnam," Mr Hegedus said.

He said Vietnam has the potential to become a key player in Southeast Asia. However, Vietnam still has to pass important reforms to improve its business environment and to prepare itself for entry into the World Trade Organisation (WTO), he added.

EuroCham has been very active in supporting Vietnam's accession to the WTO as well as in finalising the "Early Harvest" agreement between Vietnam and the EU. Besides, he recalled, EuroCham was involved in drafting Vietnamese laws on enterprises and investment.

Mr Hegedus spoke highly of the Vietnam Business Forum, which enables Eurocham and its member businesses to express their views on the business environment in Vietnam.