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Last updated: Tuesday, December 11, 2018


Slovakia Opens up Business Opportunity with EU Market

Posted: Tuesday, December 12, 2017

Slovakia will be a gateway for Vietnamese businesses to make inroads into the European Union (EU) market, and the country also supports strengthening the Vietnam - EU relationship, and signing and ratifying the Vietnam - EU Free Trade Agreement (EVFTA), said Slovakian Deputy Prime Minister Peter Pellegrini in a conversation with correspondents of Vietnam Business Forum on the sidelines of recent Vietnam - Slovakia Economic Forum in Hanoi. Anh Phuong reports.

What do you think of Vietnam - Slovakia economic and commercial cooperation prospects in the coming time?
I want to affirm that Vietnam and Slovakia have long been good friends. For us, Vietnam is not just a customer, but also an important gateway for us to enter Southeast Asia, thus opening up business opportunities for our Slovakian businesses.

Hence, the above relationship not only opens up opportunities for both sides but also supports Vietnam’s cooperation in many aspects in the spirit of enhancing good traditional relations between the two countries that were established long ago.

It can be said that the bilateral trade has a stable growth in the spirit of constantly strengthening and expanding information and communication cooperation to boost the fine ties. In 2016, the two-way trade value rose 52 per cent over 2015 to nearly US$450 million. The value already jumped 40 times since 2004.

In the first ten months of 2017, the figure was over US$630 million, up nearly 80 per cent over the same period of 2016, making Slovakia one of Vietnam's most important trading partners in Central and Eastern Europe.

What are Slovakia’s major investment projects in Vietnam and vice versa?

According to reported data, as of October 2017, Slovakia had nine effective direct investment projects with a total registered capital of US$247 million in Vietnam, ranking 36th out of 128 countries and territories with direct investment in Vietnam. Particularly, there is a US$100-million property investment project.

Two manufacturing and processing projects have a combined investment capital of US$47.9 million. The rest is invested in hotel, science, technology and others.

In the opposite direction, Vietnam also has key investment projects in some of its strengths. Specifically, Vietnam has a project to invest in Slovakia, that is, FPT Slovakia Co., Ltd - an affiliate to FPT Software Co., Ltd. The nearly US$500,000 investment project is also the first stepping stone of FPT in the European market.

In addition, TH Truemilk Group is promoting development investment in herbal beverage production projects in Slovakia.

In order to further strengthen the long-standing relationship between Slovakia and Vietnam, our CZ Company is building a tower in Ho Chi Minh City called Slovakia - Vietnam Friendship Tower.

We also received permission to broadcast Darktv television channel for kids in Vietnam.

Also within the framework of Vietnam - Slovakia Business Forum, Asseco, an information technology services company, signed a memorandum with the Hanoi People's Committee on cooperation in urban lighting.

Slovakia is the gateway to Europe. How will this facilitate Vietnamese companies when they do business here?
At present, geographically, Slovakia is the “heart” of Europe. The Slovak Republic is also an EU member state. Specially, in the eurozone, Slovakia has the highest economic growth.

Moreover, we have a stable legal system and a transparent tax system. With a superior legal system, we protect investors’ interests when they do business in Slovakia.

Furthermore, we have state-specific tools such as deferred tax policy and have clear financial support policies for each job created.

Specially, we have financial support policies for enterprises buying new production technologies.

With stable legal policies and attractive investment mechanisms, both old and new companies in Slovakia will have many advantages and opportunities to do business not only with Slovakia, but also the EU market with more than 500 million people.

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