28 September 2024

On the occasion of the 30th anniversary of the establishment of diplomatic relations between Vietnam and Slovenia (1994 - 2024), with the aim of further deepening economic and trade cooperation, the Ministry of Industry and Trade (Vietnam Trade Promotion Agency) in coordination with the Ministry of Economy, Tourism and Sports of Slovenia (Business Development Agency of Slovenia) organized the Vietnam - Slovenia trade forum and signed a Memorandum of Understanding between the Vietnam Trade Promotion Agency (Vietrade) and the Slovenian Business Development Agency (Spirit Slovenia).

Speaking at the forum, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that the 30-year journey of cooperation between Vietnam and Slovenia has recorded very positive developments, creating momentum for economic and trade cooperation to develop. This is clear evidence of the exchange of delegations at all levels and business delegations between the two countries in recent times.

At the forum, delegates listened to presentations and introductions on the investment and business environment in Vietnam - Slovenia; opportunities for trade cooperation between businesses of the two countries

According to Mr. Tan, the implementation of the EVFTA has contributed to creating remarkable developments in trade exchange between the two countries. Bilateral trade turnover increased more than 12 times, from 46.1 million USD (in 2012) to over 516 million USD (in 2023). In terms of investment, by August 2024, Slovenia ranked 92nd out of 146 countries and territories investing in Vietnam, with 3 valid investment projects, total registered capital of 2.3 million USD. Hopefully, in the coming time, more Slovenian businesses will be welcomed to invest in Vietnam.

Although the growth rate is very impressive, the trade exchange turnover between Vietnam - Slovenia is still modest. There is still a lot of potential to expand trade and cooperation between the two sides, because the import-export structure between Vietnam and Slovenia is not only non-competitive but also complementary. This is a favorable condition for businesses of the two countries to build and develop cooperative relationships and diversify supply chains. Especially for industries that each side has strengths in such as: agricultural and aquatic products, textiles, footwear, wooden furniture, household appliances... of Vietnam or logistics, chemicals, pharmaceuticals, electronic products, and machinery of Slovenia.

Vietnam can become a gateway for Slovenian businesses to access the ASEAN market as well as the Asia-Pacific region - markets where Vietnam has signed free trade agreements (FTAs).

In return, Slovenia will be a gateway for Vietnamese businesses to enter the EU market. In particular, Slovenia has strengths in seaports and logistics to become a closer, faster and lower-cost bridge for Vietnamese goods to penetrate the EU market, especially Eastern and Southeast European countries.

However, Mr. Tan added that in the coming time, there will be many challenges, continuing to face difficulties and challenges of a global nature, which are fast-moving, complex and difficult to predict. Therefore, it requires open and deeply integrated economies such as Vietnam and Slovenia to cooperate more closely and effectively to respond and enhance the resilience of each economy. Strengthening bilateral economic and trade cooperation, taking advantage of the EVFTA Free Trade Agreement will contribute to bringing great benefits and opportunities to the business communities of the two countries.

The signing of the memorandum of understanding will help the two sides create a stable, sustainable and systematic cooperation mechanism; establish a plan to implement trade promotion activities in the coming time

In the face of challenges, it is required that businesses and authorities of the two countries actively find directions for developing Vietnam - Slovenia cooperation such as: businesses of the two countries need to effectively exploit the complementarity of the two economies, proactively connect, exchange information, understand the needs and tastes of the market; participate in trade and investment promotion activities of the two countries to effectively connect trade, seek specific business and investment opportunities.

In particular, in the context of green development and global energy transition, Vietnam hopes that the Slovenian side can provide expertise in areas where Slovenia has strengths such as: energy transport, logistics, maritime transport, high technology and renewable energy. These are important areas that will be new directions for promoting bilateral cooperation between Vietnam and Slovenia in the coming time.

Within the framework of the forum, in order to realize the set directions and goals, the Vietnam Trade Promotion Agency and the Slovenian Business Development Agency signed a memorandum of understanding on cooperation.

The signing of the memorandum of understanding will help the two sides create a stable, sustainable and systematic cooperation mechanism; establish a plan to implement trade promotion activities. Thereby, contributing to promoting and strengthening economic and trade cooperation between Vietnam and Slovenia. Through this event, it is hoped that the value of bilateral import-export and investment will grow in the next 10 years, making Vietnam and Slovenia each other's leading partners in the region and the world.

Source: Bao Moi