Vietnam, Czech Benefited from Stronger Economic Cooperation

Vietnam is a gateway to ASEAN member states for the Czech Republic, while the latter helps link the former to EU nations.

Minister of Industry and Trade Nguyen Hong Dien (right) receives his Czech counterpart Jozef Sileka on February 20. (Photo: Ministry of Industry and Trade
Minister of Industry and Trade Nguyen Hong Dien (right) receives his Czech counterpart Jozef Sileka on February 20. Photo: Ministry of Industry and Trade

There is great potential for cooperation between Vietnam and the Czech Republic, Minister of Industry and Trade Nguyen Hong Dien said on February 20 when receiving his Czech counterpart Jozef Sileka, VNA reported.

Dien said that the two countries’ economic and trade cooperation is still modest, and not commensurate with their potential.

The bilateral trade turnover between the two countries only accounts for a small proportion of the total foreign trade turnover of both Vietnam and the Czech Republic. Direct investment from the Czech Republic into Vietnam and vice versa remains humble.

Vietnam’s main exports to the Czech Republic include footwear, garments, aquatic products, industrial machines, machine spare parts, and electrical equipment, while its imports are machinery, equipment, tools, other spare parts, and iron/steel products.

At the meeting. Photo: Ministry of Industry and Trade
At the meeting. Photo: Ministry of Industry and Trade

Vietnam’s increasingly improved business and investment environment will be a favorable premise for the two sides to jointly find solutions for further investment cooperation, especially in industry and energy, Dien said.

He added that the two countries are accelerating the integration process, which is the basis for them to strengthen economic and trade relations.

He said he hopes that the Czech Republic, an important partner of Vietnam in Eastern and Central Europe, and related countries will soon hasten the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA).

Dien calls for further support for enterprises of the two countries to access market information, and join trade promotion events towards cooperation agreements in energy and mining.

In particular, in the coming time, the two sides need to actively create conditions for the Czech-Vietnamese community to do business and develop in both countries.

For his part, Czech Minister of Industry and Trade Jozef Sileka agreed with Dien’s recommendations, emphasizing that Vietnam is both a friend and an important partner of the Czech Republic.

The Czech Republic wants the two countries to further strengthen cooperation in the fields of trade, industry, and investment, particularly in auto manufacturing, energy, mining and minerals, transportation, and petrochemicals.

He said that Czech enterprises can share experiences with their Vietnamese peers in developing renewable energy and improving power transmission.

At the Czech - Vietnamese Energy Forum. Photo: NDO
At the Czech – Vietnamese Energy Forum. Photo: NDO

On the occasion, the Czech – Vietnamese Energy Forum took place on February 20 in Hanoi, organized by the two Ministries of Industry and Trade, the Vietnam Electricity (EVN), the Czech Industry, and the Embassy of the Czech Republic in Vietnam, according to NDO.

Minister Síkela, Deputy Minister of Industry and Trade Dang Hoang An, and Ambassador of the Czech Republic in Vietnam Hynek Kmonicek co-chaired this forum.

The forum aims to orient the development of the energy industry and the roadmap for energy transformation in Vietnam in the coming years, opening up many cooperation opportunities for foreign investors and businesses, including Czech firms.

Before the potential areas of cooperation between the two sides, Minister Sikela also added that Czech companies can help units in Vietnam improve the efficiency of the power plant manufacturers, strengthen network security and monitoring systems, or provide equipment for renewable energy.

In addition, experiences in the development of transmission grids, IT infrastructure, energy data centers and decentralized balanced capacity systems are also desirable contents to be shared.

This is a favorable opportunity for the parties to exchange and share initial experiences, creating favorable conditions for cooperation in the energy of the two countries in general and between EVN and its partners from the Czech Republic in particular, thereby helping to develop the energy industry of the two countries.

Hannah Nguyen