Vietnam, Czech Republic poised to raise two-way trade turnover to US$3 billion

Vietnam and the Czech Republic are expected to double their two-way trade turnover to US$3 billion within the next two years, according to Martina Tauberova, Deputy Minister of Industry and Trade of the Czech Republic.

Vietnamese Ambassador to the Czech Republic Thai Xuan Dung holds a working session with Czech Deputy Minister of Industry and Trade Martina Tauberova (Photo VOV)

Vietnamese Ambassador to the Czech Republic Thai Xuan Dung has recently held a working session with representatives of the Czech Ministry of Industry and Trade to propose measures aimed at further promoting the traditional friendship cooperation between the two countries, especially economic and trade ties.

During the working session, Ambassador Thai Xuan Dung congratulated the Czech Republic for launching effective vaccination rollout effectively to contain the COVID -19 pandemic, and shared some information regarding Vietnam's pandemic situation in recent times.

He also expressed his sincere thanks to the Government and people of the Czech Republic for donating 250,000 doses of COVID-19 vaccine to Vietnam as well as helping the Vietnamese community to cope with the coronavirus pandemic in the country of residence.

Last year's bilateral trade turnover reached US$1.5 billion, up 22% over the same period from last year. The first half of the year saw the turnover reach US$ 936 million representing a year-on-year rise of 28%, of which Czech imports from Vietnam were estimated at roughly US$892 million and its exports to the Southeast Asian nation stood at more than US$44 million.

Ambassador Thai Xuan Dung thanked the Czech Government and Parliament for their support for the EU's ratification of the EU-Vietnam Free Trade Agreement (EVFTA). Notably, the Czech Republic is the first member state of the EU to adopt the EU-Vietnam Investment Protection Agreement (EVIPA).

Despite being heavily affected by the COVID-19 pandemic, bilateral trade between Vietnam and the Czech Republic still maintains good growth momentum, with product structure being expanded, and exports from the Czech Republic to Vietnam yielding encouraging results. This proves that both nations' businesses, especially those from the Czech Republic have made good use of the EVFTA. The economic structure of the two countries is highly complementary and there is plenty of room for further development moving forward, the Vietnamese diplomat said.

Ambassador Thai Xuan Dung suggested the two sides continue to take full advantage of the EVFTA and EVIPA to promote faster, stronger and more sustainable growth of trade and investment across multiple fields as a contribution to strengthening the relationship between the two countries as well as between Vietnam and the EU.

He asked the two nations' ministries of trade and industry to closely coordinate to successfully organize the seventh session of the Vietnam - Czech Republic Intergovernmental Committee on economic cooperation, which is set to take place in 2022.

Regarding investment cooperation, Vietnam welcomes and stays ready to create favorable conditions for businesses of the two countries to boost investment connectivity and cooperation in production and business activities in accordance with legal regulations through specific projects, such as cooperation in manufacturing and assembling cars between Skoda Auto and Thanh Cong Motor in Vietnam, especially soon launching a direct Hanoi - Prague route of Bamboo Airways.

Czech Deputy Minister of Industry and Trade Tauberova, in turn, expressed her appreciation for Vietnam's socio-economic development in recent years, especially the nation's success in carrying out the dual goal of ensuring pandemic prevention and control and socio-economic development.

Tauberova thanked the Vietnamese Government and people and the Vietnamese community in the Czech Republic for their timely support and assistance given to the Czech Government and people when the pandemic first broke out in her nation.

She expressed her hope that that in the coming time, the Czech Republic and Vietnam will have plenty of opportunities to cooperate in new fields like automobile technology, while considering the goal of doubling two-way trade turnover to US$3 billion within the next two years. This is a very ambitious goal, requiring greater efforts of both nations.

VOV

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