The Deputy Prime Minister and President of the National Economic Commission of the Communist Party of Vietnam, Nguyen Van Binh, has intervened in a business meeting at the CEOE headquarters, to analyze the perspectives, challenges and possibilities of cooperation between the Spanish and Vietnamese market. The Secretary of State for Commerce, Xiana Méndez; the CEOE general secretary, José Alberto González-Ruiz; his counterpart in the Chamber of Commerce of Spain, Adolfo Díaz-Ambrona; and the Vietnam ambassador to Spain, Ngo Got Dung.

Bilateral relations

The CEOE General Secretary, José Alberto González-Ruiz, said that the signing in 2009 of the Spain-Vietnam Joint Action Plan, during the visit to Spain of the president of the Asian country, Nguyễn Minh Triết; or the signing of the Free Trade Agreement between the EU and Vietnam, and the latter's membership in the Association of Southeast Asian Nations (ASEAN) have meant that Vietnam has become the main trading partner of Spain in the region.

González-Ruiz has highlighted the efforts being made by the government of Vietnam to open and modernize the investment regime in the country; the advantages derived from its political stability; the entrepreneurship of its population; average annual growth above 6.5% of GDP; its almost 100 million inhabitants; and the fact of being part of ASEAN, which brings together more than 600 million people and has one of the best growth prospects worldwide, have made many companies in sectors such as engineering, rail, infrastructure, pharmaceutical distribution, energy, waste treatment or agri-food, have opted for Vietnam in its commitment to internationalization.

The Secretary of State for Commerce, Xiana Méndez, stressed that “the foreseeable entry into force of the Free Trade Agreement at the end of this year, makes us trust that in the short term we will be able to attend a strong growth in Hispanic-Vietnamese relations, not only at the level of trade in goods, but also in the field of services, public purchases and investments, where there is great potential to be exploited. ”

He has also reported that the good harmony between the two countries has resulted in an intensification of the economic and commercial relations between Spain and Vietnam in recent years. In fact, he added, In 2018, bilateral trade in goods reached 3,125 million euros, which makes Vietnam a reference partner for Spain in Southeast Asia.

The secretary general of the Chamber of Spain, Adolfo Díaz-Ambrona, has praised the economic growth of Vietnam, with inflation rates and public deficit under control, and has referred to the opportunities for Spanish companies generated by the reform program his government “that will strengthen its already competitive manufacturing industry and make its growth model more balanced and sustainable. The improvement of the management of public investments, the consolidation of the credit system or the restructuring of its system of public companies are included in its ambitious agenda ”.

Díaz-Ambrona has defended the commercial opening as a growth engine of the government of Hanoi, recalling the free trade agreement signed between that country and the European Union last June and has been convinced that the meeting will expand the presence of Spanish companies in that country to contribute their experience in transport infrastructure projects, renewable energy, environmental services, industrial technology or tourism, sectors that your government considers to be priorities.

Business opportunities

The Deputy Prime Minister and President of the National Economic Commission of the Communist Party of Vietnam, Nguyen Van Binh, has urged Spanish businessmen to increase their presence and activity in the Asian country. In fact, he has assured that it is a very young country, with a growing middle class and a great work force; In addition to being a country open to foreign investment. In this regard, he explained that the Government has made significant efforts to strengthen the business environment and, he said, that there are already more than 25,000 foreign companies in the country. In fact, he added that companies with foreign capital account for 72% of Vietnam's exports.

The Deputy Prime Minister stressed that in 2020 the Asian country will assume the rotating presidency of ASEAN and will undoubtedly support the activities of foreign companies interested in investing there. He has also reported that in recent years bilateral trade has increased between 15% and 20% annual average, but is still far from reaching its maximum potential. Van Binh has praised the great capacity and quality of Spanish companies in sectors such as renewable energy, agri-food products, infrastructure or pharmaceutical products. He has also talked about the projects that are being carried out in the country, such as the Ho Chi Minh metro system or the construction of roads. He also thanked Spain for its support for the free trade agreement between the EU and Vietnam and that, he hopes, will be ratified soon to proceed with its correct implementation, which will mean significant advantages for both countries.

The Vietnam ambassador to Spain, Ngo Tien Dung, has assured that the Embassy is one of the main interlocutors between the two countries and has witnessed in the first person the increase in the presence of Spanish and Vietnamese companies in recent years. Likewise, it has opted to continue promoting bilateral relations, especially in the economic and commercial fields and in tourism and investment.

For more information:

Discover why Vietnam is a potential market for Spanish companies

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