Greek Prime Minister Kostas Karamalis is expected to arrive in Vietnam on May 26 for a two-day official visit at the invitation of Prime Minister Nguyen Tan Dung.

The visit, the first made by the prime minister of Greece since the two countries established diplomatic relations in 1975, is aimed at cementing ties with Vietnam, a country that Greece views as a potentially lucrative market for its businesses and an increasingly important partner in Asia.

Vietnam and Greece signed a framework agreement on economic, industrial and technological cooperation in 1996. The agreement was followed by a trip to Greece in 1998 by Nguyen Manh Cam who was then Deputy Prime Minister and Foreign Minister of Vietnam. His Greek counterpart, Petro Molyviatis visited Vietnam in 2004 to attend the 5^th Asia-Europe Meeting (ASEM5).

Marking the importance that Greece is attaching to broaden interests with Vietnam was the appointment of a permanent ambassador to the country in early 2007 and the vocal support that the Greek administration has given for Vietnam’s bid for a non-permanent seat on the United Nations Security Council.

However, trade between the two countries has been modest, with total two-way trade valued at US$207 million for the 2001-2005 period. In 2006, Vietnam exported footwear, garments, aquatic products and woodwork worth US$84.2 million to Greece, a 22. 5 percent increase over 2004.  Most experts predict that trade will increase as ties are being strengthened with trade revenues expected to exceed US$100 million in 2007.

Vietnam is eager to cooperate with Greece in its traditionally strong areas such as shipbuilding, tourism, historical preservation and labour exports.