Vietnam - Slovakia Business Forum: Opening up Many Cooperation Opportunities

3:24:02 PM | 4/19/2011

The Vietnam - Slovakia Business Forum was held in Hanoi by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration the Embassy of the Republic of Slovakia in Vietnam on April 15, 2011. The Slovakian side was led by Economy Minister Juraj Miskov, who was accompanied by many large enterprises. The Vietnamese side was headed by Mr Doan Duy Khuong, Vice President of VCCI, and Mr Le Danh Vinh, Deputy Minister of Industry and Trade.
Addressing at the forum, Dr Doan Duy Khuong underscored the forum’s purpose of strengthening economic, commercial and investment cooperation between business communities of the two countries as well as sharing information, creating opportunities for companies from both sides to meet and exchange views on possible future cooperation.
"This meeting is importantly significant to fine bilateral multifaceted relationship and opens up many opportunities of economic cooperation for companies of the two countries," said Mr Khuong.
Remarking on bilateral trade relations, Deputy Minister Le Danh Vinh said Vietnam and Slovakia have complementary relations. Vietnam needs to import Slovakia’s major products like mechanical and electronics products, animal feeds and raw materials while it exports products with highly comparative advantages to the European market like tropical agricultural and aquatic products.
Mr Vinh also quoted Vietnamese Industry and Trade Minister Vu Huy Hoang in a meeting with Slovakian companies one day earlier that the ministry will create conditions for businesses of both sides to cooperate in such advanced fields as high tech, mechanical engineering and nuclear energy.
Slovakian Economy Minister Juraj Miskov said, as a leader in electronics and automotive industries in Europe, Slovakia is a hugely potential market for foreign partners, including Vietnam. Slovakia is ready to create conditions for Vietnam goods to enter the European market, provide information and legal agreements for companies of the two countries to boost ties.
Vietnam - Slovakia economic relations have not developed as desired. Trade revenue is around US$20 million a year, of which US$18-19 million are contributed by Vietnamese exports. Vietnam exports textiles, garments, foodstuffs, agricultural products, seafood and raw materials to Slovakia and imports chemicals and retailing equipment there.
In the framework of the forum, a cooperation agreement was signed by the Bank for Investment and Development of Vietnam (BIDV) Slovakia Export-Import Bank (Eximbanka). Under the agreement, both lenders will join hands to support importing and exporting activities in both nations, lending investment projects in Vietnam. This agreement is also expected to facilitate trade and economic ties between Vietnam and Slovakia. The two lenders also agreed to expand cooperative programmes like exchanging information and experience, providing management consultancy support and training support, etc.
Mr Pham Quang Tung, Deputy General Director of BIDV, said Slovakia is one of BIDV’s priority markets in Europe. BIDV is committed to providing financial and banking services for projects in Slovakia and Vietnam.