Upbeat signs on Vietnam-Czech Republic trade ties

Update: 12:06 | 01/02/2019
Investment and trade ties between Vietnam and the Czech Republic have shown encouraging signs along with the thriving political and diplomatic relations.  
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According to Vietnamese Ambassador to the Czech Republic Ho Minh Tuan, two-way trade increased unceasingly at about 15 percent in recent years. Import-export turnover between the two nations was reported at some 1.2 billion USD in 2018, doubling the amount recorded in the previous year.

upbeat signs on vietnam czech republic trade ties
Garment and textiles considered as Vietnam's key exports to the Czech Republic. (Photo: VNA)

As a member of the European Union which has traditional friendship with Vietnam, the Czech Republic stands ready to cooperate with the Southeast Asian country in the fields of its strength like manufacturing, mining, food processing technology, agriculture and beer production.

The Vietnamese diplomat said that the country sees Vietnam as its potential trade partner, and a bridge to bolster exports to the Association of Southeast Asian Nations (ASEAN). Thus, the Czech Republic hopes to receive support from competent authorities in Vietnam in finding faithful partners.

Once the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, Czech enterprises will have more opportunities to land long-term investment in Vietnam as well as enhance exports of such items as machines, equipment, pharmaceuticals, chemical and means of transportation. Meanwhile, the deal will facilitate conditions for Vietnam’s shipments of footwear, garment and textiles, tropical agricultural products, seafood, wood products and industrial products.

Czech Deputy Minister of Industry and Trade Vladimir Bartl had an optimistic outlook on the bilateral trade relations, saying that Vietnamese coffee, pepper, fruits, tea, seafood, fine art, footwear and clothes have been exported to the Czech Republic while the European country has shipped electronic products, milk and chemical, among others to Vietnam.

Currently, Vietnam is enjoying a trade surplus of 800 million USD with the Czech Republic, he added.

Czech enterprises have been present in many Vietnamese localities, especially in Da Nang city where the firms are expanding investment in engineering, manufacturing, bio-technology and nano technology.

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(Source: VNA)