Econ
Norway proposes upgrading economic relations with Vietnam
Vietnam’s economy has high level of openness, so it is important for Norway to enhance cooperation with Vietnam, especially in a globalized world where countries are more dependent on each other for development, said Norwegian trade minister.
Norway hopes to upgrade relations with Vietnam in terms of economy and trade that could lead to a win-win for all parties involved, according to Norway’s Minister of Trade and Industry Torbjorn Roe Isaksen.
A deepened economic and trade relationship would help foster greater understanding between enterprises from two countries, said Isaksen at the Vietnam – Norway business forum held on May 24 on the occasion of the visit of Vietnam’s Prime Minister Nguyen Xuan Phuc to that country.
Norway has been looking to improve relations with countries all over the world, especially the one with long coastal line, said Isaksen. Vietnam’s economy has high level of openness, so it is important for Norway to enhance cooperation with Vietnam, especially in a globalized world where countries are more dependent on each other for development.
At the forum, Prime Minister Nguyen Xuan Phuc said the economic- trade -investment relations between the two countries remain modest, but have been growing strongly recently.
Norway currently has 47 investment projects in Vietnam with registered capital of US$163 million, ranking 41st out of 130 countries and territories.
In 2018, bilateral trade turnover reached US$350 million, indicating more efforts required to realize cooperation potential between Vietnam and Norway, Phuc said.
According to Phuc, the two countries could complement each other in their own advantages, especially in oil exploration, renewable energy and fishery. Notably, both countries have long coastal line and advanced fishery sector. Norway is the world second largest seafood exporter, while Vietnam is among the 5 largest.
This is considered key point to attract more investment from Norwegian companies into Vietnam to develop the fishery sector and ultimately the maritime economy - one of Vietnam’s key strategies for development.
Phuc said Vietnam and the European Free Trade Association (EFTA), (consisting of Iceland, Liechtenstein, Norway, and Switzerland) with Norway being a core member, are in the process of negotiating for a free trade agreement, adding this would present opportunities for two countries to boost cooperation.
Vietnam strives to maintain high economic growth at 6.5 – 7% in the coming time, while pushing for institutional reform and economic restructuring towards global economic integration.
With such focus, Vietnam expects to cooperate with Norway in infrastructure development, renewable energy, maritime economy, high quality workforce development in the Fourth Industrial Revolution, the Vietnamese PM said.
Vietnam, a stable and peace-loving country, welcomes Norwegian companies, Phuc continued, saying their success would contribute to the Vietnam – Norway relations.
Prime Minister Nguyen Xuan Phuc attended the forum. Source: VGP.
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Norway has been looking to improve relations with countries all over the world, especially the one with long coastal line, said Isaksen. Vietnam’s economy has high level of openness, so it is important for Norway to enhance cooperation with Vietnam, especially in a globalized world where countries are more dependent on each other for development.
At the forum, Prime Minister Nguyen Xuan Phuc said the economic- trade -investment relations between the two countries remain modest, but have been growing strongly recently.
Overview of the forum. Source: VGP.
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In 2018, bilateral trade turnover reached US$350 million, indicating more efforts required to realize cooperation potential between Vietnam and Norway, Phuc said.
According to Phuc, the two countries could complement each other in their own advantages, especially in oil exploration, renewable energy and fishery. Notably, both countries have long coastal line and advanced fishery sector. Norway is the world second largest seafood exporter, while Vietnam is among the 5 largest.
This is considered key point to attract more investment from Norwegian companies into Vietnam to develop the fishery sector and ultimately the maritime economy - one of Vietnam’s key strategies for development.
Phuc said Vietnam and the European Free Trade Association (EFTA), (consisting of Iceland, Liechtenstein, Norway, and Switzerland) with Norway being a core member, are in the process of negotiating for a free trade agreement, adding this would present opportunities for two countries to boost cooperation.
Vietnam strives to maintain high economic growth at 6.5 – 7% in the coming time, while pushing for institutional reform and economic restructuring towards global economic integration.
With such focus, Vietnam expects to cooperate with Norway in infrastructure development, renewable energy, maritime economy, high quality workforce development in the Fourth Industrial Revolution, the Vietnamese PM said.
Vietnam, a stable and peace-loving country, welcomes Norwegian companies, Phuc continued, saying their success would contribute to the Vietnam – Norway relations.
