“Vietnam - Spain: Growth Opportunities” is the topic of the conference recently organised in Hanoi by Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Spanish Embassy in Vietnam, in order to help boost economic, trade and investment relations between the two countries.
According to the Spanish Ambassador to Vietnam, Mr Alfonso Tena, Vietnam will be the new destination for Spanish investors in the future. At the same time he also desired to support Vietnamese businesses in investment and market penetration into Spain and other European countries.
Mr Hoang Van Dung, Standing Vice President of VCCI said although there are a few positive signs of economic recovery, the global economic outlook is still unstable. However, he said in the context of the bleak world economy, the economic and trade cooperation between Vietnam and Spain, in recent years has enjoyed a steady growth of about 10-20 percent annually. In 2012, Spain was the 6th largest market of Vietnam in the EU. In 2013, export turnover of Vietnam to Spain reached US$2.1 billion, up 24 percent compared with 2012.
Statistics show that the main export items of Vietnam to Spain include seafood, coffee, textiles and footwear, accessories and phones. Import value also steps up slightly over 10 percent reaching US$300 million, including major items such as chemicals, machinery, plastics, pharmaceuticals, materials for garments, leather and footwear.
Regarding investment cooperation, as of December 2013, Spain ranked 59th out of 98 countries and territories investing in Vietnam with 31 projects (in the fields of ceramics, porcelain tiles, insulated panels and bags). Notable are the glaze and pigment production project in Ba Ria - Vung Tau (US$3.6 million); insulated panel production project in Vinh Phuc (US$2.4 million). Spanish enterprises are interested to invest in major infrastructure projects in Vietnam, including PPP projects. To date, there are more and more Spanish enterprises participating in construction projects in Vietnam. However, Vietnam has not had any investment projects in Spain.
With the advantage of tourism, over time, Spain has boosted cooperation with Vietnam in this field, achieving very positive results. In April 2002, the two sides signed a governmental level tourism cooperation agreement, exchanged delegations at all levels and organised activities to promote tourism in both countries. The localities of the two countries are also in close collaboration. Cooperation agreements of friendship and trade, investment, culture - sports have been signed between Ho Chi Minh City and the city of Barcelona and Sevilla, between Hai Phong City and Valencia City, between Gia Nghia town (Dac Nong) with Valdejajon District (the city of Zaragoza) and between Tibia (Valencia) and Hoi An City.
"However, the above results are still modest and not commensurate with the potential and desire of both parties, Vietnam and Spain are high in the determination of economic cooperation, increasing two -way trade turnover, boosting cooperation in the fields of economics, investment, education and tourism development,” said Mr Dung.
According to Mr Dung, in the integration process, Vietnam always attaches importance to strengthening relations with traditional friends, including Spain, the important economic, trade and investment partner of Vietnam.
Vietnam and the EU have signed many legal documents to create a favourable environment for economic activities. Most recently, Vietnam and the EU signed Partnership and Cooperation Agreement (PCA) in June 2012, along with the official signing of this Agreement, the successful negotiation of an FTA with the EU will open a new stage in relations and comprehensive cooperation between the two sides. "So the potential and opportunities of economic, trade and investment cooperation between Vietnam, Spain and the EU in the next stage are great," Mr Dung said.
According to Mr José Manual García-Margallo, Minister of Foreign Affairs and Cooperation of Spain, by implementing a series of fiscal, institutional and the real estate market reforms, Spain - the fourth largest economy in the eurozone is recovering. Spain is willing to share experience with other countries in dealing with the economic problems. The impressive growth of Vietnam and the recovery of the Spanish economy is an opportunity for both sides to promote cooperation in various fields. The two countries should organize more activities to promote trade and investment activities for the two sides’ business communities in the future.
Anh Mai
Vietnamese
