Vietnam - Czech Trade Ties: Significant Room for Further Growth

Bilateral trade relations between Vietnam and the Czech Republic still have huge potential for further development, especially in the context of global economic integration, said Dr Doan Duy Khuong, Vice President of Vietnam Chamber of Commerce and Industry (VCCI).

 

With flexible economic mechanisms, Vietnam could serve as a link for Czech goods to enter the ASEAN market, while the latter could be a gateway for Vietnamese goods to penetrate the European Union.

 

Dr Doan Duy Khuong described the recent Vietnam - Czech Republic Business Forum as a good opportunity to establish new trade partnerships in an attempt to speed up relations between the two nations.

The event was attended by representatives of 15 Czech enterprises that operate in the textile and garment, construction material production, wood processing, pharmaceutical and office equipment sectors.

 

The Czech businesses were confident that Vietnamese firms would be good trade partners, said Czech Republic Senator Vitezslav Jonas. Besides trade, potential for co-operation in the energy sector remained untapped, he said.

 

Two-way trade between the two countries saw steady growth in recent years.

The figure reached over US$200 million last year, with US$135 million of the total coming from Vietnamese exports including agricultural products, clothing, footwear, computer components and handicrafts.

 

“Our priority in the time ahead is to reduce the trade deficit between the two countries,” the senator noted.

To date, Czech enterprises have invested about US$35 million in the production of glass, crystal, electrical appliances and construction materials in Vietnam.

 

At the second session of the Vietnam - Czech Republic Inter-governmental Commission on Trade and Scientific Co-operation in Hanoi late last year, the two countries agreed to prioritise co-operation in finance and banking, science and technology, trade, agriculture and biology, transportation, labour and infrastructure construction.

 

Fostering information exchanges through different channels and encouraging businesses to open representative offices or branches, and set up companies in each country were outlined as effective methods to accelerate bilateral co-operation.