Viet Nam and the Czech Republic signed an agreement on bilateral co-operation in the 2016-20 period during the fifth session of their intergovernmental joint committee in Prague on Tuesday. — Photo baocongthuong.vn

PRAGUE (Biz Hub) — Viet Nam and the Czech Republic signed an agreement on bilateral co-operation in the 2016-20 period during the fifth session of their intergovernmental joint committee in Prague on Tuesday.

Present at the event were Vietnamese Deputy Minister of Industry and Trade Ho Thi Kim Thoa and Czech Deputy Minister for Industry and Trade Jiri Koliba, both of whom chair their respective sub-committee.They were accompanied by State and ministry representatives, as also businesses representatives from their countries.

Speaking at the session, the two sides expressed their delight at the development of the long-standing relations between the two nations, particularly in terms of politics. The regular exchange of high-level visits has laid a solid foundation for the expanding bilateral co-operation in economics, trade and investment.

The Vietnamese delegation highly appreciated the preferential treatment given to Viet Nam by the Czech Republic as part of its international development co-operation policy in the past.

However, the two countries have not yet unleashed the full potential of their economic and trade ties. The Czech Republic currently ranks 40th among more than 150 countries and territories investing in Viet Nam, with only 30 Czech investors and more than US$170 million in investment.

Trade between the two countries totalled more than US$800 million in 2015, equivalent to 0.24 per cent of Viet Nam's export-import revenue and 0.22 per cent of that of its partner.

The two sides agreed to accelerate co-operation in the fields of mining and energy industries, transportation, education and training and labour, besides environment protection.

The fifth session of the intergovernmental Viet Nam-Czech Republic joint committee closed on a successful note, Deputy Minister Thoa said, adding that it not only reviewed agreements reached during the fourth session, but also drew up a detailed plan for future implementation.

Meanwhile, Jiri Koliba said there were obstacles yet to be removed, and said he hoped this meeting would help the two countries "reactivate" their co-operation process for greater benefits.

The sixth session of the joint committee will be held in Ha Noi in early 2018. — VNS