Czech Companies Flourishing in Vietnam: Asia’s Growing Market

The Czech Republic has recently identified Vietnam as its most important partner in Asia. Due to the country's impressive economic development over the past 20 years, which has seen growth rates of 6-7%, and its large consumer base, Vietnam is seen by the Czech Republic as a powerful opportunity for collaboration and partnership.

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President of the Czech Chamber of Commerce Zdenek Zajicek proposed that the Government focus on key markets, including Vietnam, while implementing its new export strategy for the 2023-2033 period. The strategy was approved on July 26.


Specifically, Zajicek proposed paying attention to the US, the Republic of Korea, Israel, Georgia, Vietnam, and African countries.


He affirmed that the Czech Chamber of Commerce supports the Government’s plan to create conditions for exporters, thus helping diversify their exports to countries outside the EU. The plan aims to make it easier for companies to operate in foreign markets in the long term and enhance competitiveness through supporting the export of innovative products.

Vietnam – Leading Market for Czech Companies in Asia
The Czech Government approves new export strategy for the 2023-2033 period at a meeting on July 26. Photo: VNA


The new export strategy aims to strengthen the position of Czech companies in the supply chain and diversify exports outside the EU. It also provides a framework for the Government to strengthen and adjust support for exporters, thereby helping sustain the economy and improve the living standards of its people.


Speaking at a Vietnam-Czech Republic business forum in Prague in June, Czech Deputy Minister of Industry and Trade Edvard Kozusnik affirmed Vietnam is the most important partner of the European country in Asia, with two-way trade reaching USD 2.4 billion last year.


Zajicek also announced the organization of a delegation of Czech businesses to visit Vietnam in September at the same event.


Earlier this month, during the Czech Government’s Committee on Strategic Investments’s first meeting, Minister of Labour and Social Affairs Marian Jurečka stated that the country needs to attract foreign workers to address labour shortages. He mentioned Vietnam and the Philippines as potential sources of workers.


Jurečka emphasized the need to attract capable foreign workers from countries that are culturally close to the Czech Republic in an effective, safe, and swift manner. The Czech Government has already issued a plan to increase the recruitment quota for foreign workers, with specific quotas designated for embassies in Vietnam, Thailand, the Philippines, and Indonesia.


The relationship between the Czech Republic and Vietnam is growing, with two-way trade reaching USD 2.4 billion in 2022. Both countries continue to strengthen their economic ties, even amidst the complex global situation and the impact of the Covid-19 pandemic.

Hannah Nguyen