Czech Republic prioritises trade ties with Vietnam

At the Vietnam-Czech Business Forum in Hanoi on January 21, Kuba said two-way trade turnover between the two countries in 2012 reached US$242.1 million, up 10.1 percent compared to 2011, but it was still far from meeting their potential.  

To stimulate trade and investment cooperation, the Czech Republic’s businesses will focus on 12 priority areas, including transport, engineering and manufacturing.

Kuba said the Czech Republic will be a bridge to Vietnam’s market penetration into Europe and the world as a whole.

He expressed his hope that Vietnam will also serve as an important intermediary for Czech exports to Southeast Asia.

At the forum, the Czech delegation showed keen interest in providing consultancy services for infrastructure construction and nuclear power research.

In his speech, Deputy Minister of Industry and Trade Nguyen Nam Hai said the Czech Republic is one of Vietnam’s largest East European partners. In 2012, Vietnam’s exports to the Czech Republic were valued at US$180.05 million and its imports from this country at US$62.02 million—up 70 percent on the previous year. .

Export items included garments, footwear, seafood, mechanical equipment, confectionary, cereals, vehicle equipment, telephones and electronic components. Key import items were machinery and steel products.

As of December 2012, the Czech Republic had invested in 27 projects capitalised at US$65.5 million, ranking 48^th among the 98 nations and territories involved in trade cooperation with Vietnam. Four of these capitalized at US$5.3 million were related to real estate and construction material industries.

Deputy Minister Hai said the Government of Vietnam is set to push through administrative reform in the process of international economic integration.

Vietnam Chamber of Commerce and Industry Chairman Vu Tien Loc said that he is confident that economic and trade ties between the two countries will continue to grow and flourish in a sustainable manner.