Vietnam, Slovenia eye cooperation potential in mechanical engineering

Vietnam and Slovenia boast high potential of cooperation in manufacturing agro-forestry-fisheries machineries and equipment – an area of Slovenia’s strength and Vietnam’s demand, said Vu Ba Phu, head of the Trade Promotion Agency under the Ministry of Industry and Trade, at a recent online Vietnam-Slovenia business exchange.

Vu Ba Phu (middle), head of the Trade Promotion Agency under the Ministry of Industry and Trade,chairs the online Vietnam-Slovenia business exchange

Commitments in the EU-Vietnam Free Trade Agreement (EVFTA) regarding tax reduction for Vietnamese and Slovenian products will help the two countries expand the market share in each other country as well as other EU markets, thus motivating bilateral trade growth, Phu said.

He underlined the need for both sides to increase trade exchange activities right after COVID-19 is controlled globally, and make full use of benefits from the EVFTA by abiding by regulations on origin.

He stressed that the Trade Promotion Agency is willing to coordinate and create optimal conditions for businesses of both sides to explore effective and long-term partnership opportunities.

Phu said that the EVFTA has been opening up door for Vietnam to promote economic cooperation with many markets in the world, including Slovenia.

The EU is now one of the leading trade partners of Vietnam with two-way trade reaching 49.6 billion USD in 2020, with Vietnam’s exports of 34.9 billion USD.

This year, the deal is expected to continue fueling the economic growth of Vietnam as well as trade ties between Vietnam and the EU.

For his part, Izidor KRIVE, Vice President, Chamber of Commerce and Industry of Slovenia, Vietnam and Slovenia share abundant potential of collaboration in the field of industrial machineries, equipment and automation as well as logistics solutions in garment and textiles and food industry which are booming in Vietnam.

Meanwhile, Le Dung, Vietnamese Ambassador in Austria and Slovenia, said that since the EVFTA took effect on August 1, 2020, Vietnam has seen positive signs in trade with the EU in general and Slovenia in particular.

The diplomat expressed his belief that after COVID-19 is controlled in Europe, the investment flow will rise. The 97-million strong market of Vietnam could become a gateway for investors to enter a 660-million-strong ASEAN market, he said.

Slovenian businesses affirmed that Vietnam is a promising market thanks to its political stability, low-cost workforce and developed infrastructure system.

At the event, jointly held by the Office of Commercial Affairs at the Vietnamese Embassy in Austria and Slovenia and the Chamber of Commerce and Industry of Slovenia, 21 Vietnamese firms and 12 Slovenian companies sought cooperation opportunities in each other market and introduced their products and services./.

VNA