During a recent working visit to Portugal, Deputy PM Hue met with seven leading Portuguese groups, including Expand Capital, ASK, SFMS, Jose de Mello, and PortoBay, who do not only dominate the local market but also hold significant investments across the European Union, Africa, and Latin America.
The two countries still have ample space to increase co-operation, e.g. in infrastructure development
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According to Hue, Portuguese investment in Vietnam is currently limited to science, technology, architecture, and tourism services, with a total value of only several hundred thousand Euros, which is too modest as the two countries have great co-operation potential in the manufacturing industry, high-technology, infrastructure development and environment, among others.
Hue said that Vietnam considers its free trade agreements (FTAs) with its partners important as the negotiations of the FTAs not only aim to open markets, but also affirm the country’s integration commitments into the regional and global economy. It is also an important step to create fair competition and favorable conditions for enterprises to develop.
On this basis, Vietnam has been actively promoting the negotiation and signing of FTAs, including the EU-Vietnam Free Trade Agreement (EVFTA), he said.
Besides, Hue noted, when investing in Vietnam with a localization rate of over 40%, Portuguese groups can easily enter other ASEAN countries and other markets through the host of FTAs that Vietnam had signed.
During the visit, Deputy PM Hue met with President of the Portuguese National Assembly Eduardo Ferro Rodrigues.
At the meeting, the two officials spoke highly of the positive development of the partnership between Vietnam and Portugal in politics-diplomacy, economy, and trade. Two-way trade rose by 15% to US$391 billion in 2017.
The two sides agreed that bilateral co-operation has yet to reach its full potential and that they should increase the exchange of delegations at all levels and bolster co-operation in sea-based economy, shipping, renewable energy, and tourism, among others.
Vietnam treasures its relations with Portugal, said Hue, adding that some leading corporations in Vietnam have accompanied him for the visit as an effort to enhance economic and trade ties with Portugal.
He urged Portugal, as an EU member, to take a more active role in bridging the gap between the ASEAN and the EU and to support the early signing of the EVFTA.
Rodrigues, for his part, lauded Vietnam’s role in the international arena and voiced his support for multilateral trade and signing the EVFTA.
Hue later had a meeting with Portuguese Minister of Labor, Solidarity and Social Security José António Vieira Da Silva where the two sides agreed that social welfare plays an essential role in ensuring stable socioeconomic development.
The Portuguese ministry promised to assist Vietnam’s Ministry of Labor, Invalids and Social Affairs, Ministry of Home Affairs, and Vietnam Social Security in reforming social security and wage policies.
