Investment and trade ties between Viet Nam and the Czech Republic have shown encouraging signs as political and diplomatic relations continue to thrive.

According to Vietnamese Ambassador to the Czech Republic Ho Minh Tuan, two-way trade increased at a rate of about 15 per cent in recent years. Import-export turnover between the two nations was reported at US$1.2 billion in 2018, doubling the amount recorded in the previous year.

As a member of the European Union with a traditional friendship with Viet Nam, the Czech Republic stands ready to co-operate with the Southeast Asian country in its fields of strength like manufacturing, mining, food processing technology, agriculture and beer production.

The Vietnamese diplomat said that the Czech Republic sees Viet Nam as a potential trade partner and a bridge to bolster exports to the Association of Southeast Asian Nations (ASEAN). The country hopes to receive support from competent authorities in Viet Nam in finding partners.

Once the EU- Viet Nam Free Trade Agreement (EVFTA) takes effect, Czech enterprises will have more opportunities to land long-term investments in Viet Nam and boost exports of machines, equipment, pharmaceuticals, chemicals and means of transportation.

The deal will also facilitate conditions for Viet Nam’s shipments of footwear, garments and textiles, tropical agricultural products, seafood, wood products and industrial products.

Czech Deputy Minister of Industry and Trade Vladimir Bartl said Vietnamese coffee, pepper, fruits, tea, seafood, fine art, footwear and clothes have been exported to the Czech Republic while the European country has shipped electronic products, milk and chemicals to Viet Nam.

Viet Nam currently enjoys a trade surplus of $800 million with the Czech Republic, he added.

Czech enterprises have been present in many Vietnamese localities, especially in the city of Da Nang, where they are expanding investment in engineering, manufacturing and bio-technology. – VNS