Vietnam, Slovakia see greater trade, investment potential

09:47 | 24/10/2017 MUTRAP Corner

(VEN) - Within the framework of his two-day working visit to the Republic of Slovakia from September 20-2l, Deputy Prime Minister Vuong Dinh Hue attended a Vietnam-Slovakia business seminar. He praised the opportunities to increase trade and investment between the two countries. 

vietnam slovakia see greater trade investment potential
Vietnamese Deputy Prime Minister Vuong Dinh Hue (left) and Slovak Prime Minister Robert Fico

Last year, economic cooperation between Vietnam and Slovakia grew significantly. Bilateral trade reached about US$450 million, 1.5 times higher compared with 2015 and 3.5 times higher compared with 2010.

Data from the Ministry of Planning and Investment’s Foreign Investment Agency show that Slovakian businesses have invested in Vietnam through eight projects with total registered capital of US$246.57 million. Slovakia has welcomed one Vietnamese investment project from the FPT Group.

Although the results of bilateral trade and investment cooperation remain modest, these strong increases reflect the great potential of economic cooperation between the two countries, as well as the feasibility of the US$1 billion annual bilateral trade target set for the near future.

The Vietnamese economy has grown an average 6.5 percent annually over the past nearly three decades, and, from a poor country, Vietnam’s gross domestic product has reached US$220 billion. The investment environment in Vietnam has improved. So far, Vietnam has attracted US$310 billion of foreign investment from 122 countries and territories, including projects of global economic groups. Vietnam is deepening its integration in the regional and global economies through participation in bilateral and multilateral free trade agreements.

vietnam slovakia see greater trade investment potential

According to Deputy Prime Minister Vuong Dinh Hue, the Vietnamese government is encouraging Slovakian businesses to invest in Vietnam in fields where they have advantages, such as auto and auto component manufacturing, engineering, industrial equipment and infrastructure, while at the same time encouraging domestic companies to seek investment opportunities in Slovakia. Investment in Slovakia could provide Vietnamese businesses with opportunities to access the markets of EU countries, he said.

Despite the great potential of bilateral trade and investment, economists believe that to tap this potential, the governments and business communities of the two countries should increase cooperation and exchange of market information and investment opportunities. Regular contacts will enable businesses to seek suitable opportunities to contribute to boosting economic cooperation between the two countries.

Chu Dan