Vietnam-Spain Bilateral Trade On a Steady Rise

For the past 32 years of Vietnam- Spain cooperation, the two countries has constanly developed the bilateral trade.

 

Many Spanish business deligations to Vietnam have been made so far to promote the investment and trade actitivies. Many Spanish companies have shown their interest in the Vietnamese market and the presence of Spanish products is growing steadily. Spanish companies are already established in sectors such as architecture, chemicals, shipbuilding, handicrafts and leather.

 

Spain is now ranked 13^th among 16 European investors and 57^th among countries and territories investing in Vietnam. The bilateral trade between Spain and Vietnam reached a record high in 2008 of US$1.59 billion, a 24 percent rise compared to year 2007. This important growth of bilateral trade between both countries comes both from increases in exports and imports.

 

Spain imported US$1.43 billion from Vietnam, a 25 percent year to year increase, which shows the growing interest Spanish companies have for Vietnam as a supplier. Spain imported mainly manufactured products (US$828 million) and food (US$400 million).

 

As for exports, Spain sold to Vietnam US$157.05 million, a year to year increase of 15.2 percent. Although there is still a lot of room for improvement, these figures reveal Vietnam is starting to be considered as a potential market for some Spanish companies. Semimanufactured products (US$61.23 million) and capital goods (US$59.67 million) were the biggest Spanish exports.

 

Mr Alberto Cerdán, the Spanish Economic and Commercial Counsellor in Vietnam, said “The trend is very positive.The rapid growth of Vietnam in recent years and the speed of change of the country are attracting more and more Spanish companies and we are working to improve and strengthen the cooperation between both countries”.

 

In addition, the recent visit of the Spanish Public Works Minister in early 2009 to Vietnam also helped strengthen the relationship between the two countries, espsecially in the field of transport infrastructure, in which Spain has some of major companies in the world.

 

The high level visit exchanges conducted in the last few years plus Vietnamese Government’s open door policy to private and foreign investors has created a future with great hope and opportunities for Spanish investors for potential projects.