Vietnam and Czech Republic to foster comprehensive cooperation

Nam told Prague-based VOV correspondents that the November 13-16 visit holds special significance as it represents a concrete step towards implementing the foreign policy outlined by the 13th National Congress of the Communist Party of Vietnam.

The visit takes place at a pivotal moment when Vietnam is entering a new era marked by the country’s aspirations for growth and advancement on the global stage, he said.

During the visit, the Vietnamese Vice President is expected to meet with the top leaders of the Czech Republic to discuss ways to advance comprehensive cooperation in various areas, including political and diplomatic relations, cooperation in economics-trade-investment, science and technology, innovation, education and training, culture-sports-tourism, and sustainable development, as well as people-to-people exchanges.

Orientations to be outlined will help deepen existing cooperation mechanisms, explore additional potential areas for partnership, and open up new opportunities for cooperation between Vietnam and the Czech Republic, said the diplomat.

In its 2023 economic strategy, the Government of the Czech Republic considers the Asia-Pacific region and Vietnam in particular key priorities for advancing diplomatic relations and promoting trade and investment cooperation. This strategy was put into action through Prime Minister Petr Fiala’s visit to four Southeast Asian countries, including Vietnam, in April 2023.

Statistics unveiled by the Czech Republic show, two-way trade between the two countries reached US$2.9 billion in 2023, marking a 19% increase compared to the previous year. It is projected that in 2024, bilateral trade will continue to grow significantly, potentially hitting US$3.8 billion, a 28% increase from 2023.

The Czech Republic is regarded as the heart of Europe, with a strategic position in the region and a significant influence within the European Union. Meanwhile, Vietnam, for its part, enjoys a favourable geographic location as a gateway for global trade routes and air transport, as well as being a key player in ASEAN. With 16 free trade agreements already in effect and many others under negotiation, Vietnam is ready to act as a bridge to strengthen the Czech Republic’s ties with the Asia-Pacific region.

To fully capitalize on the benefits brought by the Vietnam-EU Free Trade Agreement (EVFTA) and further enhance cooperation in areas with great potential, both sides need to prioritize starting negotiations and signing a new education and labour agreement. They should also work to establish a direct flight route between Hanoi and Prague, expand cooperation into areas like green transformation, digital transformation, renewable energy, and mining, suggested the diplomat.