Vietnam, Czech Republic boost trade ties

15:37 | 21/06/2017 Cooperation

(VEN) - The Vietnamese and Czech economies have grown rapidly and are integrating more deeply into the regional and global economies. This has created opportunities for the two countries to promote bilateral economic, trade and investment cooperation.

vietnam czech republic boost trade ties
Footwear is among the major Vietnamese exports to the Czech Republic

At a recent workshop held in Hanoi to provide information about the Czech market, Tran Dinh Hiep, Head of the General Affairs Division of the Ministry of Industry and Trade’s European Market Department, said bilateral trade between Vietnam and the Czech Republic reached nearly US$250 million in 2016.

Major Vietnamese exports to this market include footwear, textiles and garments, seafood, industrial machines, machinery spare parts and electrical devices, while imports include machinery and equipment, instruments, spare parts, iron and steel products.

By the end of last year, the Czech Republic had 36 investment projects in Vietnam with total registered capital of US$108.8 million, while Vietnam had four investment projects in the Czech Republic with total capital of US$5.3 million, concentrated in the real estate sector.

Potential areas of investment cooperation between the two countries include energy, mining, infrastructure, transport means, engineering, manufacturing, environment, national defense and medical equipment.

Economic Counselor David Jarkisch at the Czech Embassy in Vietnam said the Czech Republic has very high demand for tea and coffee, providing opportunities for Vietnamese exports. He emphasized that agricultural exports to the Czech Republic must meet quality and food safety requirements of the European market.

According to David Jarkisch, the Czech market’s demand for agricultural products has grown steadily. The Czech Republic offers a gateway to the markets of EU countries. The free trade agreement between Vietnam and the EU is expected to take effect early next year and bring opportunities for Vietnamese agricultural products to enter the Czech market, in particular, and the European market, in general. “Vietnamese products have become familiar to Czech consumers because of the traditional cooperative relations between the two countries and the presence of a large Vietnamese community in the Czech Republic.

Therefore, Vietnamese products, especially agricultural products, have more advantages than products of other countries, such as Thailand and China,” David Jarkisch affirmed.

Economists forecast that the Czech economy will grow 2.5-2.8 percent in 2017, promising opportunities for Vietnamese businesses to boost exports to this market.

David Jarkisch, Economic Counselor at the Czech Embassy in Vietnam:

The President of the Czech Republic, Milos Zeman, will pay an official visit to Vietnam from June 6-8. During the visit, a

Czech-Vietnam Business Forum will be held in Hanoi and Ho Chi Minh City to promote trade between the two countries.

Nguyen Hanh