Czech - Vietnam Business Forum held in Hanoi

The Ministry of Finance of the Czech Republic, in coordination with the Embassy of the Czech Republic in Vietnam, the Vietnam Chamber of Commerce and Industry (VCCI), and the Confederation of Industry of the Czech Republic, organized the “Czech-Vietnam Business Forum” in Hanoi on April 22.

Speaking at the forum, H.E. Zbynek Stanjura, Minister of Finance of the Czech Republic, emphasized that since the establishment of diplomatic relations in 1950, Vietnam and the Czech Republic have built and maintained a strong traditional friendship based on trust, equality, and mutual respect.

The bilateral relationship has continuously developed, especially with the two sides officially upgrading their ties to a Strategic Partnership earlier this year, opening a new chapter for deep and comprehensive cooperation across multiple sectors.

“Notably, the Czech Republic is currently home to the largest Vietnamese community in the European Union (EU). This is a vivid testament to the close ties between the two peoples and serves as a solid foundation for further sustainable and comprehensive development in economic, cultural, and social relations,” Mr. Stanjura stressed.

Mr. Minister Stanjura also highlighted the bilateral trade ties between Vietnam and the Czech Republic, with a turnover surpassing $4 billion last year, reflecting the great potential for economic cooperation between the two countries.

At the same time, he highlighted the strong entrepreneurial spirit and dynamism of the Vietnamese business community, believing that this factor will contribute to promoting greater connectivity and expanded cooperation between Vietnamese and Czech enterprises in the future.

Similarly, Deputy Minister of Finance Tran Quoc Phuong noted that as of the end of February this year, the Czech Republic had 42 valid investment projects in Vietnam with a total registered capital of over $91 million, mainly concentrated in the sectors of mining, processing, and manufacturing.

Besdies, Vietnamese enterprises have also invested in the Czech Republic with four projects, totaling approximately $1.54 million, mainly in wholesale, retail, and communications.

“Although these figures remain modest compared to the potential of Vietnam and the Czech Republic, they are nonetheless positive initial signs, reflecting the emerging and developing trend of two-way investment between the two countries,” the Deputy Minister remarked.

Currently, Vietnam is entering a new phase of development, aiming to become a high-income economy by 2045. In order to realize this vision, improving the quality and effectiveness of foreign investment attraction, especially from partners like the Czech Republic, plays a crucial role.

Therefore, Deputy Minister Tran Quoc Phuong proposed several specific directions for cooperation, aiming to lay a solid foundation for boosting bilateral investment flows in the coming time:

First, enhance the sharing of information on the investment environment, financial policies, capital markets, and business support mechanisms to provide both sides with clearer and more transparent guidance in strategic cooperation planning.

Second, effectively utilize the EU -Vietnam Free Trade Agreement (EVFTA), a key legal framework to facilitate two-way investment flows, particularly in priority sectors such as high technology, finance-banking, and innovation.

Third, promote cooperation in education and training for the financial sector, such as expert exchanges and modern financial management courses, to improve human resources quality in service of economic development.

Fourth, develop an international financial center in Vietnam with support from Czech partners, contributing to Vietnam’s deeper integration into the global financial value chain.

Finally, strengthen bilateral investment - trade - tourism linkages, foster exchanges and mutual understanding between the business communities of both countries, and facilitate the sustainable growth of investment flows.

Deputy Minister Tran Quoc Phuong emphasized that Vietnam is currently building an international financial center, and we look forward to cooperating with Czech partners to realize this goal, thereby helping Vietnam participate more deeply in the global financial value chain. The Ministry of Finance of Vietnam is committed to creating all favorable conditions for foreign investors in general, and Czech investors in particular, to achieve long-term, sustainable success in Vietnam.