HCM City, Spain's Basque Country boost trade cooperation
A trade conference to foster connections between industrial machinery and equipment businesses of Ho Chi Minh City and Spain’s Basque Country was held in the southern largest economic hub of Vietnam on October 8.
Deputy Director of the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) Ho Thi Quyen said the city has been actively expanding its markets and promoting trade despite global economic uncertainties following the COVID-19 pandemic.
The Basque Country, which is well known for its technological strengths, is emerging as a potential partner of Vietnam. Although new to many Vietnamese businesses, the Basque Country is recognised as one of Europe’s leading innovation hubs thanks to its dynamic economic ecosystem, she said.
HCM City, the country’s largest economic and trade centre, continues to strengthen its regional and global economic position. In the first nine months of 2024, the city-based enterprises' exports reached US$33.82 billion, a 10.2% increase, while their imports totalled US$44.1 billion, up 6.4%. The city is focusing on sustainable economic development based on knowledge, technology, and innovation, with a goal of becoming a smart city and a leading city in the digital economy by 2030.
The conference centred on key industries, including oil and gas, energy, mining, agricultural machinery, and railways, providing a platform for businesses from both sides to explore market opportunities and potential partnerships.
Pablo Huidobro, Director of the Basque Trade and Investment Centre in Singapore, highlighted the Basque Country's economic strength, with a population of 2.22 million and one of the highest GDP per capita in Spain. The Basque Country has advantages in industrial production, contributing significantly to Spain’s exports of machinery, steel, and tires. The Basque Country also focuses on sectors such as energy, automation, IT, and biotechnology, as well as high-quality human resources development with many universities and research institutes.
Huidobro noted that Vietnam is viewed as an attractive market for Basque businesses, with companies like Ormazabal, Salto Systems, and Iberdrola already establishing offices in the country. Strengthening trade ties will be a key step in advancing commercial and investment relations between the two sides.
