Vietnam, Czech Republic seek to tap cooperation potential

HCM City (VNA) – Vietnam and the Czech Republic have substantial potential for investment and trade cooperation in many spheres, heard a workshop in Ho Chi Minh City on April 13.

Vo Tan Thanh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), said both Vietnamese and Czech economies are growing with high rates, and deeply integrating into the global economy, which has created many opportunities for bilateral collaboration in economy, trade and investment.

The Czech  Republic is one of Vietnam’s largest trade partners in Central and Eastern Europe, with two-way trade exceeding 257 million USD in 2017, of which Vietnam’s exports to the Czech Republic were over 151 million USD.

In the first two months of 2018, export-import turnover between the two countries hit nearly 50 million USD, up 31.3 percent year-on-year, he said.

Vietnam’s major exports to the Czech Republic include footwear, garments-textiles, mobile phones, electronic components, farm produce and aquatic products.

Meanwhile, the country mainly imports machines, equipment, chemicals, and mechanical, pharmaceuticals and crystal products from the Czech Republic.

By the end of February 2018, the Czech Republic had invested in 36 projects in Vietnam with total registered capital of over 90 million USD, ranking 49th among 126 countries and territories investing in Vietnam. Vietnamese enterprises have also invested in four projects worth some 4.5 million USD in the Czech Republic.

However, Thanh said, such outcomes have yet to reflect cooperation potential and strength of each country, explaining that businesses of the two countries lack information about the respective markets.

Vladimir Bartl, Deputy Minister of Industry and Trade of the Czech Republic, said Czech businesses have advantages in energy, infrastructure construction, automation, and financial and insurance services.

Additionally, the Czech Republic has capacity and experience in urban development planning and public transport operation which are of Vietnam’s priorities, he said.

The official stressed that the Czech Republic has regarded Vietnam as an important partner and market in its strategy to expand business in Asia.

Czech firms want to cooperate with Vietnamese partners in mechanical manufacturing, energy, cement and constructional material production, medical equipment supply, aviation and environmental protection, he said.

Vladimir Bartl said the enhancement of trade ties between Vietnam and the Czech Republic will help the two countries utilise their respective market while helping them expand market shares in Europe and Asia.

Experts at the workshop suggested intensifying connectivity between businesses of the two countries and promoting trade and investment activities.

Businesses of each nations also should take the initiative in studying the respective markets to promptly grasp investment and businesses opportunities, they said.-VNA