Vietnam, Slovenia Strengthen Business Cooperation

1:53:56 PM | 14/11/2019

Dr. Doan Duy Khuong, Vice President of Vietnam Chamber of Commerce and Industry (VCCI), recently hosted a reception meeting with a Slovenian business delegation led by Minister of Economic Development and Technology Zdravko Pocivalsek at the headquarters of VCCI in Hanoi.

At the meeting, VCCI Vice President Doan Duy Khuong said that Vietnamese businesses do not have much information on the investment and business environment of Slovenia or businesses of Slovenia, and vice versa.

“Therefore, such a meeting is a valuable opportunity for both parties to share information and introduce investment opportunities. Enterprises should find out why the bilateral trade and investment relations between the two countries have not been developed strongly, and explore strengths and appropriate business areas so that the two sides can cooperate with each other successfully," Dr. Khuong said.

Slovenian Minister of Economic Development and Technology Zdravko Pocivalsek said that Slovenia is a strong and safe economy in the EU. Slovenia's GDP in 2018 grew by 4.5%, higher than the EU average, of which exports are the main driving force of Slovenia's economy (exports of goods and services reached 39 billion euros in 2018).

“Slovenia has many innovative, creative and modern-oriented enterprises, a favorable business environment and many innovative research institutes. In particular, Slovenia has a highly skilled workforce, many industrial clusters and well-developed research centers,” said Mr. Zdravko Pocivalsek.

“The relationship between Vietnam and Slovenia is developing very well, each year the number of businesses of the two countries setting up cooperation with each other is increasing. However, the cooperation potential of the two sides is still untapped, especially in fields such as renewable energy, circulating economy, food processing, logistics, cars, transportation and defense,” he added.

“These are important elements to promote economic and trade cooperation between the two countries, especially in the context of the Vietnam-EU Trade Agreement (EVFTA) and the Vietnam-EU Investment Protection Agreement (EVIPA) to be implemented in the near future,” Minister Zdravko Pocivalsek emphasized.

Also according to the minister, businesses of the two countries have gone through the stage of inquiry, now is the actual implementation stage, overcoming the obstacle of geographical distance, exchanging information to discuss further and more specifically about the potential in the future.

Slovenia and Vietnam have established diplomatic relations since 1994 and developed cooperation in various fields. Trade turnover between the two countries has greatly improved, increasing about 25 times in the period from 2005 to the end of 2017.

Trade turnover between the two countries reached US$357 million in 2018 and is expected to continue to grow, especially in the context that EVFTA and EVIPA being promoted by Vietnam and the European Union for ratification soon.

The main export items of Vietnam to Slovenia are leather shoes, electrical equipment, textiles, coffee and mobile phones. The main import items from Slovenia into Vietnam are fertilizers, wheat flour, machinery and pharmaceuticals.

Although the growth rate is very impressive, the trade turnover between Vietnam and Slovenia is still at a modest level; the potential for expanding trade is huge. Therefore, Vietnam has many opportunities to penetrate more deeply into the Slovenian market, especially for seafood, agricultural products, textile and footwear products, and handicraft products.

Slovenia's strengths such as paper industry, electronics industry, shipping, logistics and a number of fields related to processing industry can be actively utilized in the Vietnam market. After EVFTA is ratified, Slovenia will be a bridge for Vietnamese goods to penetrate and develop market share in the EU market, especially Eastern and Eastern European countries. For its part, Vietnam is a gateway for Slovenian businesses to access ASEAN markets.

Anh Mai