MoIT deputy minister Le Danh Vinh said that political and economic ties between Vietnam, Belgium and the EU have developed positively over the years.

Belgium and the region of Franders in particular are potential partners for Vietnam and both economies can supplement each other through the exchange of their products, said Mr Vinh.

However, bilateral trade ties have yet to match their potential, said the official.

He expressed hope that with support from the business sector, cooperation between Vietnam, the EU and Belgium in particular in terms of economics, trade, maritime transport, tourism and culture will grow and flourish in the near future.

The Belgian ambassador to Vietnam, Hubert Cooreman, said that over the past 30 years stronger cooperative ties between Belgium and Vietnam have paved the way for a sustainable partnership between the two countries. To this end, he proposed that Vietnam bring into full play its internal strength and seize every opportunity as soon as the global economy shows any signs of recovery.

Delegates discussed issues such as trade policies and business opportunities in Vietnam, the development and planning of transport infrastructure and tax reforms in line with WTO commitments.

According to the MoIT, two-way trade value between Vietnam and Belgium last year reached US$1.4 billion, of which US$1.019 billion came from Vietnamese exports, up by 20 percent against 2007.

However, Belgian investment in Vietnam remains modest. At the end of 2008, Belgium had only 32 projects in Vietnam with a total registered capital of US$77.6 million, ranking 37^th among the foreign investors. Its investments mainly focus on heavy industry, food processing, agro-forestry development, transport, postal services, construction and jewellery making.