Vice president Hoang Van Dung made the commitment at a meeting in Hanoi on March 23 between Vietnamese businesses and representatives of more than 30 leading Spanish companies.

Mr. Dung confirmed Spain is one of the most important trading partners of Vietnam and Spanish businesses are some of the best in the world.

He said that Vietnam and Spain still have great potential for strengthening trade and investment ties and that their businesses showed increase cooperation to fully tap the potential.

At the event, foreign organisations pointed out the challenges Vietnam is facing, including climate change, infrastructure and energy. Setsuko Yamazaki, Country Director of the UN Development Programme in Vietnam, said Vietnam needs to consider energy development by investing more in renewable energy sources and strengthening international cooperation to address climate change.

Bilateral trade between Vietnam and Spain has seen an annual increase of 20 percent in recent times. With two-way trade turnover reaching US$1.1 billion in 2008, Spain is one of Vietnam’s biggest export markets, mainly for footwear, garments, coffee, seafood and wood products.

The event, jointly held by VCCI and the Spanish Embassy, was attended by Spanish businesses specialising in traffic infrastructure, mechanics-electricity systems, water environment, solid waste treatment and energy.