Vietnamese Enterprises Seek Business with Northern Europe
King Harald V and Queen Sonja of Norway, accompanied by 130 Norwegian business representatives, paid a working visit to Vietnam from November 1 to 5, 2004. This has been a great opportunity for Vietnamese companies to seek export opportunities in Norway and the Northern European market in general.
Vietnamese enterprises are keen on seeking cooperation opportunities with Norwegian partners, said Vice Standing President of Vietnam Chamber of Commerce and Industry (VCCI) Hoang Van Dung. VCCI and the Norwegian Federation of Employers concluded a Memorandum of Cooperation on June 17, 2004, under which Norway will assist Vietnam in enhancing the capacity of its entrepreneurs and share experiences in dealing with labour disputes.
The Norwegian Minister for Foreign Affairs Jan Petersen stressed at a press conference held in Hanoi recently that cooperation with Vietnam was one of the top priorities in Norway’s foreign policy and this would be one of the main initiatives for mutual cooperation. He said the work of politicians is to guide the way in opportunities for trade and investment while enterprises must realise these opportunities by themselves. Norway welcomes Vietnam to join the WTO, he added.
Vietnam-Norway relations in economics and politics are developing stably. From 1975 to 1980, Norway provided non-refundable aid of 315 million Krone or US$50 million to build a freezing plant in Haiphong, fish netting boats in Halong, a fish feed plant in Rach Gia, and freezing stores in other provinces and cities.
After ten years of disruption (from 1980 to 1990) due to social conditions at that time, relations between the two nations were re-established in 1990. Norway opened an embassy in Hanoi in 1996 and continued providing non-refundable aid to Vietnam, mainly in petroleum, fisheries and the environment. Vietnam and Norway have signed two non-tariff agreements, a Protocol on Development Cooperation, a bilateral Agreement on Trade and Economic Cooperation and an Agreement on Development Cooperation on issues of mutual interest.
Most of Norway’s investment flows into petroleum exploitation and services for exploiting and processing wood. Since 1999, the Norwegian Government has implemented a master strategy to assist its companies which are operating in developing countries, including Vietnam. The strategy’s purpose is to create sustainable economic development through the growth of the private economy.
Despite the re-establishment of trade relations in 1990, the two-way trade turnover remains modest, reaching a mere US$28 million in 2003. Vietnam’s exports to Norway are mainly rice, seafood, canned vegetables, coffee, rubber, footwear and bags, while its imports from Norway are chemicals and transportation means. The removal of quotas has encouraged Vietnam’s export of garments and textiles to the Norwegian market. According to economic experts, to successfully penetrate Norway’s market, Vietnam should make high quality, eye-catching but low priced products so as to compete with those from China and ASEAN countries. Vietnamese goods will be welcomed in the broader Northern European market if they are successful in Norway, they asserted.
Vietnamese
