Politics

President’s Switzerland visit hoped to foster bilateral trade ties

President Nguyen Xuan Phuc’s official visit to Switzerland from November 25-29 is expected to open up new opportunities in the two countries’ trade relationship which still has large room to develop further.
President’s Switzerland visit hoped to foster bilateral trade ties ảnh 1Illlustrative image (Photo: VNA)
Hanoi (VNA) – President Nguyen Xuan Phuc’s official visit toSwitzerland from November 25-29 is expected to open up new opportunities in thetwo countries’ trade relationship which still has large room to developfurther.

According to the Department for European-American Marketsunder the Ministry of Industry and Trade, Switzerland is one of Vietnam’sleading economic partners in the EU, while Vietnam is the former's fourthlargest trading partner among ASEAN countries.

Regarding investment, by the end of October, Switzerlandranked 20th out of 141 countries and territories pouring capital into Vietnamwith 181 projects worth 1.92 billion USD in 12 localities.

President Phuc’s official visit is a very special opportunity for the two countriesto work together to find solutions to promote the early signing of a Free TradeAgreement between Vietnam and the European Free Trade Association whichcomprises of Switzerland, Norway, Iceland and Liechtenstein, so as to open upnew cooperation opportunities, and realise great potential in the fields oftrade, investment, sustainable development, innovation and digitaltransformation between the two countries.

President’s Switzerland visit hoped to foster bilateral trade ties ảnh 2Illlustrative image (Photo: VNA)
Swiss Ambassador to Vietnam Ivo Sieber emphasised thatSwitzerland will continue supporting Vietnam in building a better business andinvestment environment.

According to the diplomat, Switzerland has issued a relatedstrategy and will implement it in 2021. The strategy aims to assist Vietnam inbuilding a market economy with effective economic frameworks, and help privatesector access and participate in global supply chains.

Within the framework of this strategy, Switzerland willprovide 75 million USD in non-refundable aid for Vietnam in the next four years./.
VNA
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