Vietnam eyes further trade ties with Northern Europe

10:40 | 04/11/2016 Cooperation

At a seminar jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and embassies of the Northern European countriesin Hanoi on November 1st, Vietnamese businesses were guided to seek niche in Northern Europe, which comprises Finland, Denmark, Norway and Sweden.

vietnam eyes further trade ties with northern europe
VCCI Vice President Doan Duy Khuong addresses the seminar (Source: baoquocte)

Addressing the event, VCCI Vice President Doan Duy Khuong spoke highly of cooperation between Vietnam and the four countries with annual two-way trade reaching about 1.3 billion USD. Each year, Vietnam exports some 500 million USD worth of goods to Northern Europe, mostly raw materials, rubber, machinery, computers, electronic products and parts, equipment, tools and garments, while importing around 800 million USD from the countries, Khuong said. Northern European countries and Vietnam have signed agreements on cooperation in economy, science-technology, trade, trade promotion and protection, and aviation transportation, creating legal frameworks for the collaboration between Vietnam and each nation. Nevertheless, Khuong pointed out that the trade and investment links have yet to match their potential and aspirations. The official stressed that to boost economic and trade ties between Vietnam and the countries, a range of projects have been launched in support of their businesses. Of note, the Vietnam-EU Free Trade Agreement is expected to come into force in 2018, helping turn Northern Europe into a door for Vietnamese enterprises to access the EU market comprehensively. Through Vietnam, EU and the Northern European countries will make inroads into the ASEAN Community with new business and investment opportunities, Khuong stressed. Commercial Counsellor at the Danish Embassy in Vietnam Katja Majbom Goodhew, suggested Vietnamese producers and exporters carefully study demands of Danish consumers, and make information about ingredients and materials of their products transparent. She explained that Danish consumers have high requirements of food safety and quality, environmental hygiene, and even animal welfare.

Thanh Chau