New phase in Vietnam’s ties with Dominican Republic, Caribbean
Prime Minister Pham Minh Chinh’s official visit to the Dominican Republic ushered in a new period not only in the bilateral ties but also in Vietnam’s relations with the broader Caribbean region, Dr. Ruvislei González Saez, a senior researcher at Cuba's Centre for International Policy Studies, has assessed.
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| Dr. Ruvislei González Saez, a senior researcher at Cuba's Centre for International Policy Studies. |
Dr. Ruvislei González Saez noted that it underscores Vietnam's attention to deepening the bilateral relationship and reflects the Dominican Republic’s strategic interest related to the Asian nation.
President of the Dominican Republic Luis Abinader Corona, who has prioritised strengthening relations with Vietnam since taking office in August 2020, acknowledged the complementary nature of the two countries’ economies and industries, with agriculture emerging as a key area of mutual interest.
González Saez said the visit has opened doors for the two sides’ cooperation in new sectors, including defence, telecoms, oil exploration, and tourism. It signifies a decisive moment, bringing the bilateral relations to a new era. They discussed concrete actions such as negotiating agreements to establish a legal framework for comprehensive cooperation, including a free trade agreement (FTA), to promote and protect investment, and to collaborate in culture, tourism, education, and people-to-people exchanges.
Visa exemptions were also tabled to facilitate travel and investment, optimising conditions for expanded joint work. They also expressed their interest in other potential fields like digital transformation, digital economy, telecommunications, renewable energy, oil and gas, wind and solar power, agriculture, livestock farming, and vaccine production.
Bilateral trade has grown significantly, rising from approximately 30 million USD in the early years to nearly 120 million USD in 2022 and 112 million USD last year. Vietnam’s primary exports to the Dominican Republic include coffee, textiles, footwear, electronic components, and agricultural products. Both sides agreed to enhance investment in industrial, service, and technology development sectors, with a shared goal of increasing bilateral trade to 500 million USD within the next five years by fostering investment and expanding markets for key products.
According to the scholar, the visit presented a significant opportunity to advance the bilateral relations and reflects both nations' commitments to fostering mutual development. It also paved the way for the signing of several agreements in 2025, including potential FTAs or/and other mechanisms that could enhance the presence of Vietnamese companies in the Dominican Republic.
(Source: VNA)
