Vietnam, Czech Republic target US$1 billion trade

09:18 | 14/01/2020 Cooperation

(VEN) - There are major opportunities for economic and trade cooperation between Vietnam and the Czech Republic, which has highly rated Vietnam’s economic growth in recent years and found it an attractive market for trade and investment.

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The import and export structures of the two countries are mutually complementary. While Vietnam is still developing its production capabilities, the Czech Republic is strong in manufacturing, technology and support services.

Vietnam considers the Czech Republic a promising export market, while the Czechs consider Vietnam one of the top ASEAN (the Association of Southeast Asian Nations) markets.

Vietnam exports machinery, electrical equipment, footwear, textiles and garments, accessories, and some agricultural and forest products to the central European state.

Speaking at the Czech-Vietnamese Business Forum on November 21 in Ho Chi Minh City, Czech Minister of Environment Richard Brabec said his country considers Vietnam a strategic market and an important gateway to access ASEAN, and more and more Czech businesses are looking for investment opportunities in Vietnam.

According to Doan Duy Khuong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), apart from bilateral cooperation, the two countries can take advantage of multilateral cooperation. As an active member of the EU, the Czech Republic will function as a bridge for Vietnamese businesses to access the EU market, and vice versa.

Khuong expressed his belief that the US$1 billion bilateral trade target will soon be realized.

Brabec said that in addition to trade in goods, services and technology, the Czech Republic is willing to transfer technology to Vietnam for management system construction, urban public transport operations, infrastructure construction, and green, smart city development.

A Czech business delegation representing 30 businesses, led by Czech Minister of Environment Richard Brabec, visited Vietnam to look for investment and business cooperation opportunities. In addition to conventional industries, Czech businesses want to promote their products in the field of environmental technology, a field of increasing concern for Vietnam.

Cuong Huong