Last updated: Tuesday, March 19, 2019


Vietnam - Czech Republic Boosting Cooperation in Environmental Protection, Mining, Construction

Posted: Tuesday, April 24, 2018

Deputy Minister of Industry and Trade of the Czech Republic Vladimir Bartl led a business delegation to visit and work in Vietnam, part of the sixth meeting of the Vietnam - Czech Republic Intergovernmental Committee.

The Czech business delegation is engaged in energy, electrical equipment, transportation, finance and banking, insurance, laboratory-based molecular diagnostics, electronics and military electronics, human resources consulting and entertainment service. They directly met Vietnamese enterprises at the Czech - Vietnam Business Forum held by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi.

Dr Doan Duy Khuong, Vice President of VCCI, said, the Vietnam - Czech Republic cooperation has always been fine and on a strong rise. According to statistics, the two-way trade value totalled more than US$257 million in 2017, of which US$151 million came to Vietnam and US$106 million was for the Czech Republic. The value reached nearly US$50 million in the first two months of 2018, up 31.3 per cent over the same period of 2017. Of the sum, Vietnam took US$28.1 million, up 17.1 per cent and the Czech Republic earned US$21.6 million, up 55.7 per cent.

The Czech Republic is one of Vietnam's largest trading partners in Central and Eastern Europe. Vietnam’s main exports to the Czech Republic include footwear, apparels, seafood, industrial machines and parts, and electrical equipment. Vietnam meanwhile imports mechanical machinery, chemicals, pharmaceuticals and crystal glassware from the Czech Republic.

Dr Khuong said, the trade is unbalanced, with Vietnam exporting more to the Czech Republic. Therefore, the two sides must balance trade relations in the coming time because it plays an important role in economic development.

“Vietnam is an important trade gateway to ASEAN, a market of over 600 million people. Czech businesses will have to make investment strategies not only to enter Vietnam but also approach ASEAN markets. Meanwhile, the Czech Republic is the gateway for commodities to enter the European Union (EU). Especially, when the Vietnam - EU Free Trade Agreement (EVFTA) comes into effect in 2018, it will create favourable conditions for Vietnamese products to enter the European market,” he added.

Especially, the Vietnam - Czech cooperation is always given priority by the business communities and the governments of the two nations. The sixth meeting of the Vietnam - Czech Republic Intergovernmental Committee in Hanoi was attended by a large number of businesses and leaders from both countries, an evidence to demonstrate this special relationship.

Mr Vladimir Bartl, Deputy Minister of Industry and Trade of the Czech Republic, said, visiting companies want to boost cooperation and investment with Vietnam in such fields as environmental protection, mining technology, telecommunication, radar, industrial and agricultural machinery, biotechnology and nanotechnology.

He said, Vietnam is attracting more foreign investors, including investors from the Czech Republic. “We have also stimulated Czech businesses to boost operations in Vietnam. We agree with VCCI on trade unbalance and untapped potential in both countries. Thus, the two countries can jointly promote this common goal towards a long-term trade relationship,” Vladimir stressed.

On investment, the Czech Republic had 36 effective investment projects with a combined value of US$90.07 million by the end of February 2018, ranking 49th out of 126 countries and territories investing in Vietnam.

Czech projects are concentrated in two forms: Fully invested and partially invested. 25 projects are wholly invested with US$79.9 million and 10 projects are partially invested with local partners with US$9.39 million.

Vietnam has just four projects with US$4.44 million in the Czech Republic. Typical projects included a US$2.7 million property business project invested by Omega Star Corporation and a US$1 million property business and construction material project invested by Contrexim Joint Stock Company. Vietnam's projects in the Czech Republic are mainly partly owned joint ventures.

Quynh Anh

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