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Last updated: Monday, July 24, 2017

 

Promoting Vietnam-Czech Republic Cooperation

Posted: Monday, June 12, 2017


Seven contracts and memorandums of understanding were signed by 14 Vietnamese and Czech companies engaged in tourism, heavy industry, machinery and education during the Vietnam-Czech Business Forum.

Visiting Czech Republic businesses are active in industrial production, defence, engineering, energy, food, information technology, environment, finance, insurance, translation, real estate, consultancy and other services. They accompanied HE Milos Zeman, President of the Czech Republic, on his official visit to Vietnam.

On this occasion, the Czech business delegation attended the Vietnam-Czech Business Forum in Hanoi hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in cooperation with the Confederation of Industry of the Czech Republic and the Embassy of the Czech Republic in Vietnam. The event drew the attendance of hundreds of businesses from the two countries.

Speaking at the forum, Deputy Prime Minister Vuong Dinh Hue affirmed that Vietnam and the Czech Republic have a long tradition of cooperation. The Government of Vietnam wishes to promote cooperation with the Czech Republic in many fields, particularly those in which Vietnam has needs and the Czech Republic has advantages, including energy, mining, infrastructure, transport means, mechanical engineering, environmental industry, defence industry, medical equipment and vocational training.

He said Vietnam actively advocates full integration into regional and world economies. Therefore, Vietnam welcomes and stands ready to create conditions for foreign investors, including those from the Czech Republic, to invest and do business in Vietnam.

Although Vietnam-Czech trade relations have tended to grow stronger in recent years, bilateral trade value is below expectations of both sides. According to statistics, in 2016, the two-way trade value approximated US$250 million. On investment, the Czech Republic had 36 valid investment projects worth US$100 million in Vietnam by the end of 2016. Vietnam had four investment projects with over US$5 million, mainly focusing on real estate.

Deputy Prime Minister Hue pointed out that the community of 65,000 Vietnamese people living and working in the Czech Republic is an important factor to elevate the bilateral relationship. With the care and support of the Government of Czech Republic, the Vietnamese community will continue to be a solid bridge to lift the Vietnam-Czech relations to a new plane.

He said that the European Union (EU)-Vietnam Free Trade Agreement (EVFTA), scheduled to come into force soon, was expected to open new opportunities in cooperation between Vietnam and the European Union in general and the Czech Republic in particular.

Dr Doan Duy Khuong, Vice President of VCCI, said, as a leading trade promotion agency in Vietnam, VCCI regularly exchanges information and cooperates closely with foreign partners such as embassies of other countries, including the Embassy of the Czech Republic in Vietnam and the Confederation of Industry of the Czech Republic, to facilitate businesses to form effective investment and business cooperation.

At the forum, Czech President Milos Zeman affirmed that the Czech Republic will create favourable conditions for Vietnamese businesses to enter into long-term business in the Czech Republic in the fields where Vietnam is strong and the Czech Republic has need.

However, he also assessed that the absence of direct flight routes between Hanoi and the Prague is one of the reasons for underperforming trade and investment relations between the two countries. Therefore, if Vietnam and the Czech Republic open direct flight routes, the two business communities will more easily and quickly contact, travel and learn about each other.

In addition, President Milos Zeman proposed that Vietnam should exempt Czech investors from the short-term visa requirement when they come to Vietnam.

Quynh Chi








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