10:23 | 16/07/2015 Cooperation
(VEN) - Trade between Vietnam and Slovenia grew more than ten-fold over the last nine years but remains modest. It is expected that after the recently signed bilateral economic cooperation agreement takes effect, it will create favorable conditions for businesses of the two countries to promote trade and investment, contributing to tightening bilateral relations.
The two countries will promote industrial cooperation
Vietnamese Minister of Industry and Trade Vu Huy Hoang and Slovenian Minister of Economic Development and Technology Zdravko Pocivalsek signed the agreement after many years of negotiations.
According to the European Market Department under the Ministry of Industry and Trade, the agreement focuses on strategies for expanding bilateral cooperation in sectors where the two sides have advantages and demand, including industry, agriculture, information technology, transportation, environmental protection, banking, and tourism. It will create a firm legal framework for businesses of the two countries to promote cooperation, thus boosting trade and investment between the two countries.
To take full advantage of the agreement, the European Market Department said Vietnam and Slovenia would establish an intergovernmental committee to take necessary measures to help businesses overcome difficulties and promote trade and investment between the two countries.
Although trade between Vietnam and Slovenia has remained modest in recent years, there is significant potential for its expansion. Notably, Vietnamese goods match the habits and tastes of Slovenian consumers.
Data from the General Department of Vietnam Customs show that trade between the two countries grew more than ten-fold over the last nine years, from 2005-2014. From 2013-2014, bilateral trade doubled from US$59.92 million to US$125.3 million. According to data from the Ministry of Industry and Trade, trade between Vietnam and Slovenia reached US$76 million in the first five months of this year.
Minister Vu Huy Hoang said Slovenia offered a bridge for Vietnamese goods to penetrate the EU market, and that Vietnam was willing to help Slovenian businesses access the ASEAN market.
He said the Vietnamese government and the Vietnamese business community would take action to boost economic and investment cooperation between the two countries, especially in fields where Slovenia had advantages, such as paper, electronics, marine transportation, logistics, and some processing industry-related sectors.
The two countries expect bilateral trade will grow strongly after the agreement takes effect. The Vietnamese and Slovenian governments will create favorable conditions and provide as much assistance as possible for businesses of the two countries to seek business opportunities in each other’s countries and neighboring regions.