Vietnam and Czechia to soon raise bilateral trade to US$1 billion

The view was shared by Vietnamese Prime Minister Pham Minh Chinh and his visiting Czech counterpart Petr Fiala at the Czech – Vietnam business forum held in Hanoi on April 21.

Statistics show the total import-export turnover between the two countries increased by 15% last year to US$848 million, making the Czech Republic one of the most important trading partners of Vietnam in Central and Eastern Europe.

With regard to investment, as of 2022 the Czech Republic had 41 valid direct investment projects in Vietnam with a total registered investment capital of more than US$92 million, ranking 49th out of 141 countries and territories investing in the country.

The economic cooperation is yet on par with the fine political relations between the two countries, and to meet the US$1 billion trade target they should both fully and effectively implement the EU-Vietnam Free Trade Agreement (EVFTA) among other tools said the two PMs.

Both Vietnam and the Czech Republic should bring into full play advantages that this trade agreement gives, to create a stronger momentum for stronger trade ties, stressed Fiala.

He recalled that during high-level talks in Hanoi on April 21 morning, he and his host, PM Pham Minh Chinh, had discussed measures to increase bilateral economic, trade and investment cooperation, by facilitating the accessibility of goods in each other’s markets and opening direct flights between the two countries to promote investment, tourism and cultural exchanges.

In addition, the Vietnamese community in the Czech Republic, numbering almost 100,000, serves as an important bridge to foster the traditional friendship as well as economic cooperation between the two countries.  

Chinh meanwhile briefed participating businesses on Vietnam’s advantages in attracting foreign businesses and investors, saying the country has political stability, a skilled workforce and an attractive investment environment. The country has been recognized by UNTAD as one of the 20 most investment attraction countries in the world. It has also signed 15 new-generation free trade agreements with more than more than 60 countries and territories globally.

Vietnam welcomes the active engagement of foreign investors, including businesses from the Czech Republic, in its market, said Chinh, adding the Vietnamese Government will work closely with the Czech Government to increase experience sharing in areas of mutual interest such as energy, environment, science - technology, education. education, and travel.

He assured that Vietnam is committed to creating the best business environment for foreign businesses, including those from the Czech Republic, to operate successfully in the country.

At the forum, the two PMs witnessed the signing of a number of cooperation documents between agencies and businesses of the two countries.