Vietnam, Czech Republic to expand two-way trade, reaching $1bn

Vietnamese and Czech business forum was jointly organized by the VCCI office in Ho Chi Minh City (VCCI-HCMC) and the Ministry of Foreign Affairs and Confederation of Industry of the Czech Republic to seek long-term business partnerships in Ho Chi Minh City.

Thanh, VCCI-HCMC Director at the event spoke highly of the 65-year relations between Vietnam and the Czech Republic, saying that the two countries are expanding their cooperation in all fields, particularly trade and investment.

Two-way trade in the first two quarters of 2015 totalled 165 million USD and Vietnam mainly shipped to the partner textiles-garment, footwear, chemical products and seafood.

He noted that the Czech Republic is among Vietnam’s strategic markets in 2010-2020 while Vietnam is listed in the European country’s top 12 potential markets.

While, Czech Foreign Minister Lubomir Zaoralek stated that the two countries have yet to fully tapped their potential for economic development. Czech investors are operating 48 projects worth more than 100 million USD in Vietnam, and hope to continue receiving support from local authorities.

Vietnam offers a lot of opportunities for Czech investors as it boasts a developing market of over 90 million people and abundant natural resources.