Speaking at the working session, Minister Dien noted the economic - trade cooperation between Vietnam and the Czech Republic remains modest, not commensurate with the two countries’ fine political ties and cooperation strengths. Bilateral trade turnover last year hit around US$2 billion, only accounting for a small proportion of the total foreign trade turnover of both Vietnam and the Czech Republic.

Meanwhile, the potential for bilateral cooperation is still large as the two economies are highly complementary. Vietnam mainly exports to the Czech Republic footwear, garments, seafood, industrial machines, spare parts and electrical equipment. Its major imported products from the Czech Republic include machinery, equipment, tools and other spare parts, iron and steel products.

In addition, the increasingly improved business and investment environment in Vietnam creates a favourable premise for the two sides to jointly research and find solutions to strengthen investment cooperation in the fields of industry and energy.

The two sides should bring into full play the efficiency of the Vietnam – Czech Republic intergovernmental committee for economic cooperation as well as the EU – Vietnam free trade agreement (EVFTA), suggested Dien.

To enhance their economic-trade ties, the Vietnamese minister said that the two sides need to strengthen support for businesses to capture market information, participate in exhibitions, and organize trade promotion to effectively connect their business communities. Moreover, he said the two countries also need to study to conclude cooperation agreements in the fields of energy and mining.

With regard to investment, the Vietnamese trade minister noted as the Czech Republic is Vietnam’s important economic-trade partner in East and Central Europe, the Czech Republic and other EU member states should soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) to boost their investment cooperation.

Increasing investment cooperation will help Vietnam develop supporting industries and fundamental industries such as mechanics, processing and manufacturing, new materials, metallurgy, and chemical, he said, adding for the time being the two sides need to promote the joint cooperation project between Thanh Cong Group (Vietnam) and Auto Skoda (Czech Republic) in the context that Vietnam is formulating a bill on industrial development.

Dien also suggested the Czech Republic cooperate with Vietnam in implementing the national energy transition strategy, including developing renewable energy projects.

Minister Jozef Sileka for his part agreed with Minister Dien’s proposals, emphasizing that Vietnam is both a friend and an important partner for the Czech Republic, and the Czech Republic wants to ramp up cooperation in the fields of trade, industry and investment with Vietnam. According to the minister, bilateral cooperation should be focused on developing automobiles, energy, mining, transportation and petrochemicals.

Czech businesses can share their experiences with Vietnam in developing renewable energy and improving power transmission capacity along with developing the mining industry, he said, adding the two sides should early negotiate the opening of direct flights between Prague and Hanoi to support trade exchanges and tourism cooperation between the two countries.

The two ministers expressed their confidence in the success of the Czech Prime Minister’s visit to Vietnam scheduled for May 2023, as well as the eighth meeting of the Vietnam - Czech Republic intergovernmental committee for economic cooperation.

Source: VOV