The signing of the EU – Vietnam Free Trade Agreement (EVFTA) would open up new business opportunities for both Vietnamese and Czech enterprises, according to Czech Prime Minister Andrej Babis.
Overview of the business forum. Source: VGP.
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Babis considered Vietnam a large and attractive market, presenting opportunities for Czech investors.
Jaroslav Hanak, president of the Czech Confederation of Industry and Transport, said enterprises would be the decisive factor facilitating economic cooperation between Vietnam and the Czech Republic.
Hanak added as the Czech economy much relies on exports, export markets are very important to the country.
Czech Minister of Industry and Trade Marta Novakova said Vietnam is among markets that Czech is interested in, and expected Czech products to penetrate deeper into Vietnam’s market.
Addressing the event, Prime Minister Nguyen Xuan Phuc said both governments are committed to creating favorable conditions for greater cooperation between enterprises from the two countries.
Vietnam's Prime Minister Nguyen Xuan Phuc addressed the event. Source: VGP.
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Phuc noted both economies complement each other instead of competing directly, which is a major advantage for broader and more efficient in cooperation, saying the current US$1-billion bilateral trade remained modest.
The Vietnamese PM said Vietnam has been going through an extensive global economic integration through the participation of 12 Free Trade Agreements (FTAs) and the upcoming EVFTA, which would lay a strong foundation for more balanced trade between Vietnam and EU.
Moreover, as Vietnam is a party to the Comprehensive and Progressive Trans – Pacific Partnership (CPTPP), Czech companies doing businesses in Vietnam would have access to not only a 100-million-people market, but also a 700-million-people market from CPTPP member countries.
Phuc stated Vietnam would continue its economic reform and further improve the business environment to attract hi-tech Czech companies.
