Slovenia and Vietnam Explore Ways to Enhance Economic and Trade Relations

Upon the third meeting of the Intergovernmental Commission for Economic Cooperation between Slovenia and Vietnam on October 9, both countries show commitment to increase their bilateral economic and trade ties. The event presents a valuable opportunity to explore available avenues of cooperation.

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Vietnam-Slovenia: Strengthening Bilateral Economic And Trade Cooperation
Minister for Industry and Trade Nguyen Hong Dien, Deputy Prime Minister and Minister of Foreign and European Affairs of Slovenia Tanja Fajon signed the minutes of the 3rd meeting of the Vietnam-Slovenia Intergovernmental Commission for Economic Cooperation. Photo: thoibaonganhang

During the third meeting of the Intergovernmental Commission for Economic Cooperation between Slovenia and Vietnam, an overview of bilateral cooperation activities since the second meeting in 2019 was presented.

With the development of political and diplomatic relations between the two countries and the upcoming celebration of 30 years of diplomatic relations, bilateral trade has increased significantly from $46.1 million in 2012 to over $573 million in 2022.

Furthermore, the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) has also contributed to continuous growth in bilateral trade, with an annual increase of 15% to 20%.

However, both sides acknowledge that despite the positive progress in economic and trade cooperation, there is still untapped potential and room for improvement.

Apart from traditional fields, the two countries have also discussed new directions for cooperation in areas of mutual interest such as transportation logistics, high-tech agriculture, training and human resource development, green transformation, digital transformation, climate change mitigation, and science, technology, and innovation.

Tourism is also an important focus area for both countries, given their beautiful natural landscapes and rich cultural heritage.

Both sides have agreed to maintain and strengthen their traditional relations, increase exchanges at regional and international forums, and promote official visits, particularly in 2024 when Vietnam and Slovenia will celebrate 30 years of diplomatic relations.

Minister Nguyen Hong Dien emphasized the need to continue the Intergovernmental Committee mechanism and the EVFTA, including Slovenia’s ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) to facilitate business cooperation and investment between the two countries.

Vietnam recognizes Slovenia’s strengths in high technology, digital trade and services, and energy transition, and hopes for future investment cooperation in these areas.

Following the meeting, Minister Nguyen Hong Dien held a bilateral meeting with Matjaž Han, the Minister of Economy, Tourism, and Sport of Slovenia. They discussed specific steps to further enhance economic and trade cooperation and agreed to create favorable conditions for trade and exchange information on import-export policies.

Vietnam-Slovenia: Strengthening Bilateral Economic And Trade Cooperation
Minister for Industry and Trade Nguyen Hong Dien and Matjaž Han, Minister of Economy, Tourism, and Sports of Slovenia. Photo: thoibaonganhang
Rosie Nguyen