The Minister of Industry and Trade of Vietnam, Nguyen Hong Dien, recently received his Czech counterpart, Jozef Sileka, to discuss the potential for economic and trade cooperation between the two countries. During the meeting, Minister Dien noted that the current level of economic and trade cooperation between Vietnam and the Czech Republic does not match their potential. He further stated that the two countries needed to strengthen their integration process, which would provide the basis for enhanced economic and trade relations.

Currently, the bilateral trade turnover between Vietnam and the Czech Republic is not significant, accounting for only a small portion of the total foreign trade turnover of both countries. Direct investment from the Czech Republic into Vietnam and vice versa remains modest. Vietnam mainly exports footwear, garments, aquatic products, industrial machines, machine spare parts, and electrical equipment to the Czech Republic, while its imports include machinery, equipment, tools, other spare parts, and iron/steel products.

Minister Dien stated that Vietnam’s increasingly improved business and investment environment would provide a favorable premise for the two countries to find solutions for further investment cooperation, especially in industry and energy. He hoped that the Czech Republic, an important partner of Vietnam in Eastern and Central Europe, and related countries would hasten the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA).

Minister Dien called for further support for enterprises of both countries to access market information and participate in trade promotion events toward cooperation agreements in energy and mining. He also stressed the 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 and emphasized that Vietnam is an important partner of the Czech Republic. The Czech Republic wanted the two countries to further strengthen their cooperation in the fields of trade, industry, and investment, particularly in auto manufacturing, energy, mining and minerals, transportation, and petrochemicals. He added that Czech enterprises could share their experience with their Vietnamese peers in developing renewable energy and improving power transmission.

In conclusion, there is great potential for cooperation between Vietnam and the Czech Republic, and both countries are committed to enhancing their economic and trade relations. The two sides need to work closely together to create favorable conditions for businesses to access market information, participate in trade promotion events, and find solutions for further investment cooperation. With the ongoing integration process and support from both sides, it is expected that the economic and trade cooperation between Vietnam and the Czech Republic will continue to grow in the future.

Article by Prague Forum