Deputy Minister of Industry and Trade Do Thang Hai at the meeting. (Source: VNA)

Hanoi (VNA) – The 6th meeting of the Vietnam-Czech Republic inter-government committee on economic cooperation took place in Hanoi on April 11 to discuss measures for creating breakthroughs in bilateral economic ties.

Head of the Vietnamese delegation to the meeting, Deputy Minister of Industry and Trade Do Thang Hai informed the Czech side on the economic situation in Vietnam in recent time.

He affirmed that Vietnam appreciates the Czech Republic’s move to include Vietnam in the list of 12 priority foreign trade market in its export strategy for 2016-2020, adding that the two economies are enjoying dynamic growth and deep international economic integration, which is a favourable condition for bilateral economic, trade and investment ties to expand.

Reports show the Czech Republic is one of the largest partners of Vietnam in Central and East Europe. According to Vietnam Customs’ statistics, two-way trade was valued at 257.6 million USD in 2017, up nearly 3 percent from 2016. Of the figure, Vietnam’s exports were worth 151.4 million USD and imports 106.2 million USD, increases of 3.5 percent and 1.5 percent respectively.

In the first two months of 2018, bilateral trade turnover increased 31.3 percent year on year to reach almost 50 million USD, with Vietnam’s exports accounting for 28.1 percent.

Vietnam’s main exports include footwear, garments, aquatic products, industrial machinery and components, and electric equipment. It imports from the Czech Republic machinery and equipment, chemicals, pharmaceuticals and glassware.

Regarding investment, the Czech Republic had 36 valid investment projects worth 90 million USD in Vietnam as of the end of February, ranking 49th among 126 countries and territories investing in the Southeast Asia country.

Vietnamese investors have so far poured 4.44 million USD in four projects in the Czech Republic.

Sharing the Vietnamese side’s view, Deputy Minister of Industry and Trade of the Czech Republic Vladimir Bartl expressed his joy at the unceasing development of bilateral ties.

He noted that there is great potential for bilateral trade considering the good relations between the two countries at present.

According to the official, Czech firms want to seek Vietnamese partners in engineering manufacturing, energy, cement and construction materials, medical and aviation equipment supply, and environmental protection.

The 6th meeting of the Vietnam-Czech Republic inter-government committee on economic cooperation was also attended by 15 Czech companies.-VNA