Vietnam, Czech Trade Ministers have a meeting in Hanoi

WVR/VNA - There is great potential for cooperation between Vietnam and the Czech Republic, Minister of Industry and Trade Nguyen Hong Dien said while receiving his Czech counterpart Jozef Silekaon in Hanoi on February 20, 2023.
Vietnam, Czech Trade Ministers have a meeting in Hanoi
Vietnam, Czech Trade Ministers have a meeting in Hanoi: Minister of Industry and Trade Nguyen Hong Dien (right) receives his Czech counterpart Jozef Sileka on February 20, 2023. (Photo: Ministry of Industry and Trade)

Minister Dien said that the two countries’ economic and trade cooperation is still modest, and not commensurate with their potential.

The bilateral trade turnover between the two countries only accounts for a small proportion of the total foreign trade turnover of both Vietnam and the Czech Republic. Direct investment from the Czech Republic into Vietnam and vice versa remains humble.

Vietnam's main exports to the Czech Republic include footwear, garments, aquatic products, industrial machines, machine spare parts, and electrical equipment, while its imports are machinery, equipment, tools, other spare parts, and iron/steel product.

Vietnam’s increasingly improved business and investment environment will be a favourable premise for the two sides to jointly find solutions for further investment cooperation, especially in industry and energy, Minister Dien said.

He added that the two countries are accelerating the integration process, which is the basis for them to strengthen economic and trade relations.

He said he hopes that the Czech Republic, an important partner of Vietnam in Eastern and Central Europe, and related countries will soon hasten the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA).

Minister Dien calls for further support for enterprises of the two countries to access market information, and join trade promotion events towards cooperation agreements in energy and mining.

In particular, in the coming time, the two sides need to actively create conditions for the Czech-Vietnamese community to do business and develop in both countries.

For his part, Czech Minister of Industry and Trade Jozef Sileka agreed with Minister Dien’s recommendations, emphasising that Vietnam is both a friend and an important partner of the Czech Republic.

The Czech Republic wants the two countries to further strengthen cooperation in the fields of trade, industry, and investment, particularly in auto manufacturing, energy, mining and minerals, transportation, and petrochemicals.

He said that Czech enterprises can share experience with their Vietnamese peers in developing renewable energy and improving power transmission.

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(Source: WVR/VNA)