Deeper Vietnam-Slovakia economic ties

09:26 | 20/08/2016 MUTRAP Corner

(VEN) - A number of economic cooperation agreements were signed at a Vietnam-Slovakia Business Forum held on the occasion of Slovak Prime Minister Robert Fico’s official visit to Vietnam from July 16-19, opening a new period in economic, trade, and investment cooperation between the two countries.

deeper vietnam slovakia economic ties
Businesses of the two countries sign cooperation agreements in the presence of Slovak Prime Minister Robert Fico and Vietnamese Deputy Prime Minister Vuong Dinh Hue

A number of economic cooperation agreements were signed at a Vietnam-Slovakia Business Forum held on the occasion of Slovak Prime Minister Robert Fico’s official visit to Vietnam from July 16-19, opening a new period in economic, trade, and investment cooperation between the two countries.

These included a cooperation agreement between the Vietnam Chamber of Commerce and Industry and the Slovak Investment and Trade Development Agency (SARIO), a memorandum of understanding (MoU) on cooperation between the Department of Foreign Affairs of Localities under the Vietnamese Ministry of Foreign Affairs and the Central and Eastern European Chamber of Commerce in Vietnam, an MoU on cooperation between the FPT Corporation and the Slovak Institute of Informatics, a €433,524 cooperation deal between Stroje Slovakia and the An Phu Energy and Mineral Investment Joint Stock Company, and a joint venture contract worth €1 million between the An Phu Energy and Mineral Investment Joint Stock Company and the Lachot Co., Ltd.

Addressing the forum, PM Fico said Slovakia was willing to create favorable conditions for Vietnamese businesses to operate in Slovakia, and the Slovak Parliament would be the first to ratify the EU-Vietnam Free Trade Agreement.

PM Fico added that in his talk with Vietnamese PM Nguyen Xuan Phuc, the two sides reached a consensus on a variety of measures to boost bilateral trade and investment.

Vietnamese Deputy Prime Minister Vuong Dinh Hue said although the results of bilateral economic cooperation remained modest, the two countries still had great potential to expand their relations, thanks to many advantages that could complement each other. Efforts to strengthen ties between the two countries in this business forum would kick off partnerships across a perse range of sectors, namely support industries, energy, health, agriculture, tourism infrastructure, and processing industry.

Bilateral trade reached over US$1 billion in the 2013-2015 period. Major Vietnamese exports to Slovakia included leather and footwear, textile and garment materials, food, agricultural products, seafood, telephones and components, computers, and electronic products. Beginning to invest in Vietnam in 2010 with a US$100 million project, Slovakia currently has five investment projects in Vietnam with total registered capital of US$235.47 million, ranking 33rd among 101 countries and territories investing in Vietnam.

Vietnamese businesses have shown growing interest in the Slovak market. With nearly US$300 million invested in Slovakia, the FPT Corporation is now among companies operating effectively in the Slovak software market.

With its market opening policy and flexible mechanisms, Vietnam is confident of its ability to play the role of a bridge for Slovak goods to enter other ASEAN countries. On its side, Slovakia offers a gateway for Vietnamese goods to penetrate the EU and other European countries.

Twenty Slovak businesses in fields such as petrochemicals, energy, forestry, information technology, applied informatics, microelectronics, system simulation, finance, banking, and investment participated in a Vietnam-Slovakia Business Forum in Hanoi on July 18 to seek cooperation and investment opportunities in Vietnam.

Phuong Lan