Ambassador underscores huge potential for stronger trade ties with Latvia
VOV.VN - With a fine friendship built on mutual trust, the nation and Latvia boast great potential and have ample room ahead to promote bilateral trade and investment, particularly in areas such as information technology, agro-forestry-fisheries, pharmaceutical, wood processing, and labour.
Vietnamese Ambassador to Sweden and Latvia Tran Van Tuan made the statement at a webinar held on April 9 in co-ordination with the Latvian Chamber of Commerce and Industry (LCCI) to introduce the Vietnamese investment and business environment to Latvian enterprises.
Upon addressing representatives of roughly 50 businesses from both countries, he stated that Vietnam has maintained political stability and a dynamic market while having signed many free trade agreements (FTAs), including one with the EU (EVFTA).
These conditions are therefore conducive to investment and business activities of foreign enterprises, including Latvian firms, he said, noting that the country is currently attracting great attention from international enterprises in their supply and production chain diversification strategies.
Ambassador Tuan suggested that Vietnamese enterprises planning to enter Latvia or expand operations in the Latvian market should consider opening warehouses or representative offices in Riga as a means of learning more about the Baltic market’s demand for Vietnamese goods. They should take part in more exhibitions, fairs, and cultural and trading events in Latvia as a means of advertising Vietnamese products.
He also provided Latvian enterprises with information regarding the Vietnamese market and demand, along with the Government’s policies for facilitating foreign investments.
Latvia also has demands for skilled workers, especially in sectors such as information technology, health care, and aquatic product processing, which can be considered a good opportunity for labour exports to this country, the diplomat continued.
As part of efforts to further boost economic, trading, and investment ties, he also recommended that local authorities and transport businesses open direct air and maritime shipping routes to Latvia, as well as to Northern Europe and the Baltic Sea region.
Kristaps Strelis, an LCCI representative in Vietnam, said the country has much potential in economics, trade, investment, and tourism; whilst also boasting workforce advantages; as well as having open economic relations with countries around the world.
He greatly valued the Southeast Asian country’s development future and suggested that Latvian enterprises study its business culture in a bid to secure success when operating in the Vietnamese market.
A representative of Fertilizer Group noted that the nation is among the countries grabbing the Latvian company’s interest as the firm is moving to expand operations to Asia. The group finds considerable potential in the Vietnamese market and is therefore exploring new opportunities here.
The Trade Office of Vietnam and the LCCI are expected to arrange a delegation of some Latvian enterprises to visit the nation this June to attend the Vietnam Sourcing Expo 2024 in Ho Chi Minh City, as well as learning more about the local investment and business climate.
