Vietnam, Belgium look to step up trade, investment ties

Participants at the forum (Photo: VNA) 

Brussels (VNA) – A forum to promote trade cooperation between Vietnam and Belgium took place in Brussels on June 28, as one of the main economic events between the two countries held after a long hiatus due to the COVID-19 pandemic.

Trade Counselor in Belgium Tran Ngoc Quan briefed participants on the investment environment in Vietnam at the event during which potential and strengths of Belgian regions were introduced.

According to Ambassador Nguyen Van Thao, there remains great potential for Vietnam and Belgium to expand their cooperation, especially in agriculture; green growth; seaport and logistics development and innovation.

Vietnamese products introduced at the forum (Photo: VNA)

The two countries should work closely to create a favourable environment for the business community of both sides to exploit these potentials, he said.

Mariella Cantagalli , an expert from the Directorate General for Trade of the EC, said the EU – Vietnam Free Trade Agreement (EVFTA) has facilitated the exchange of trade and import-export between Vietnam and EU member countries in general, and Belgium in particular.

Vietnam and Belgium has become strategic partners in agriculture. The two-way trade reached a record of 3.6 billion EUR (nearly 3.8 billion USD) in 2021.

The trade in the January – May period this year hit over 2.1 billion USD, up over 40% year-on-year. Belgium is now the fifth largest trade partner of Vietnam in EU, while Vietnam is the second biggest partner of the European country in the ASEAN. By the end of May, Belgium had 81 valid projects in Vietnam with a total registered capital of nearly 1.1 billion USD./.