Vietnam, Latvia Seek to Unlock Trade Cooperation Potential

10:44:35 AM | 7/19/2019

Vietnam and Latvia have huge potential for trade cooperation, which will help improve their business competitiveness, said Doan Duy Khuong, Vice President of the Vietnam Chamber of Commerce and Industry.

Doan Duy Khuong, Vice President of the Vietnam Chamber of Commerce and Industry.addresses the  Vietnam-Latvia Business Forum in Hanoi on July 17, 2019

“Latvian businesses can work not only with Vietnamese businesses but also with Vietnam’s partners when Vietnam implements its regional and global economic integration programs. In addition to a Vietnamese market of more than 90 million people, Latvia can look to the ASEAN economic community of 650 million consumers. We also propose Latvia to cooperate with us to link Vietnamese businesses to the lager EU market.”

Latvia’s Foreign Minister Edgars Rinkevics, who is visiting Vietnam, said: “Representatives from the business delegation I have is me and they are from six very important areas, namely information technology, engineering, chemical and pharmaceutical industry, and also education, as well as wood processing and timber industry. Those members will be talking with members of your delegation, trying to find the way how we can foster bilateral trade. I am also particularly pleased that during my visit I will be able to sign an agreement on cooperation in the field of education. I attach particular importance to this agreement because I believe that education is part of economy and also in this way we are going to foster our cooperation in science and development as well.”

Vietnam is now Latvia’s biggest trade partner in Southeast Asia. Latvia is Vietnam’s biggest trade partner among Baltic countries. Their bilateral trade reached more than 186 million USD last year. Vietnam exported goods worth 177 million USD to Latvia, mostly agricultural produce, wood products, garment, textile and footwear. It imported rubber, timber, garment and textile materials, and machinery from Latvia.