Representatives of the Vietnam Trade Promotion Agency (Vietrade) and the SPIRIT Slovenia Business Development Agency at the signing ceremony of their Memorandum of Understanding (MoU) on cooperation. — VNA/VNS Photo

The Vietnam Trade Promotion Agency (Vietrade) and the SPIRIT Slovenia Business Development Agency signed a Memorandum of Understanding (MoU) on cooperation at a bilateral trade forum organised in Hà Nội on September 26.

The countries aim to establish a stable and sustainable collaboration mechanism under the MoU, and set out plans for future promotion activities to strengthen and expand economic and trade relations.

At the forum, Vietrade Director Vũ Bá Phú said the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) has driven remarkable growth in Việt Nam-Slovenia commercial transactions, with their bilateral trade increasing more than 12-fold from US$46.1 million in 2012 to over $516 million in 2023.

As of August 2024, Slovenia ranked 92nd out of 146 countries and territories investing in Việt Nam, with three valid projects totalling $2.3 million in registered capital.

Phú noted that Việt Nam could serve as a gateway for Slovenian businesses to access ASEAN markets and the Asia-Pacific region. Conversely, Slovenia, with its strengths in seaports and logistics, could act as a key bridge for Vietnamese goods to penetrate the EU market, particularly in Eastern and Southeastern Europe.

Strengthening the bilateral economic and trade ties and capitalising on the EVFTA will bring significant benefits and opportunities to the business communities of both countries, Phú remarked.

Experts at the forum held that despite the impressive growth, bilateral trade volume remains modest. There is significant potential for expanding trade and cooperation, as their export-import structures are complementary rather than competitive.

Vietnamese and Slovenian enterprises should build and diversify their supply chains, particularly in sectors where each side has strengths, such as Việt Nam's farm produce, textiles, footwear, furniture, and household items, and Slovenia's logistics, chemicals, pharmaceuticals, electronics and machinery. — VNS