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Building on the success of the EVFTA, trade has become a key pillar in the bilateral relationship between Vietnam and Ireland. The state visit of General Secretary, President To Lam is expected to open up new avenues for bilateral trade cooperation, especially with the forthcoming EVIPA.

Vietnam and Ireland need to focus on further strengthening cooperation in industrial fields such as manufacturing and automation, semiconductor industry. Photo: VNA

Maintaining growth

The Ministry of Industry and Trade reported that Ireland is a major trading partner of Vietnam in the EU market, with a total bilateral trade turnover of nearly US$3.5 billion in 2023, ranking 6th among EU member states.

As of the end of July 2024, Ireland had 41 investment projects in Vietnam with a total registered capital of US$60.82 million, ranking 55th out of 146 countries and territories with investment projects in Vietnam.

Notably, since the EVFTA came into effect, exports to Ireland in 2022 reached US$502 million, a 45.9% increase compared to 2021. However, following the impact of the Covid-19 pandemic, the Irish economy has faced some challenges similar to many countries in the EU, as well as weakened consumer demand.

This is the main reason for the significant decrease in Ireland's imports of goods from countries, including Vietnam, in 2023 compared to the previous year.

However, since the beginning of 2024, with many positive market signals, especially the recovery of demand, the import-export situation between Vietnam and Ireland has grown positively, of which, Vietnam's exports to this market in the first 8 months reached US$669 million, an increase of 123.5% compared to the same period in 2023.

Imports from Ireland reached US$2.45 billion, an increase of 29.8%. Bilateral trade reached US$3.12 billion, a growth of 42.6%, higher than the average growth rate of Vietnam's trade with the EU in the first eight months of 2024 (15.8%).

Experts believe that the potential for cooperation between Vietnam and Ireland is immense. However, the cooperation in trade, investment, science and technology, and other strengths remains modest, not commensurate with the political relationship, the potential and advantages of each country. Therefore, in the coming time, the two sides need to further strengthen exchanges of delegations at all levels, sectors, and businesses, increase information sharing to better utilize the potential and advantages of each country to further promote bilateral cooperation.

Strengthening cooperation

Minister of State for Agriculture, Food and the Marine, Martin Heydon, stated that Ireland has been supplying agricultural and food products to many markets worldwide. It is currently focusing on high-quality products and services in the food and beverage sector. Ireland aims to provide more choices for Vietnamese consumers.

Photo: VNA

Over the years, Ireland has been actively engaged in building cooperation programs with Vietnam. Recently, Ireland has intensified its support for the agriculture and food sector, focusing on enhancing productivity, quality, and standards to enable Vietnam to enter new markets.

According to experts, Ireland will continue to promote investment projects in Vietnam, especially in areas where Ireland has strengths and Vietnam has high potential. Specifically, this includes green technology, renewable energy, research and development, innovation, agriculture, high-tech, and foreign direct investment (FDI).

To promote cooperation between Vietnam and Ireland in the coming time, the Ministry of Industry and Trade representative suggested that the two countries should continue to strengthen connectivity and support business communities in both countries to seek cooperation, investment, and business opportunities in each other's markets.

In addition, the two countries should take full advantage of the opportunities offered by the EVFTA in the context of economic recovery post-Covid-19. Particularly, it is necessary to accelerate the approval process of the Vietnam-EU Investment Protection Agreement (EVIPA) and to urge the EC to remove the IUU yellow card for Vietnam's seafood.

The two countries need to continue to closely coordinate and support each other in multilateral forums, especially at the United Nations, within the framework of ASEM and ASEAN-EU cooperation, thereby joining hands to promote multilateralism and international law, contributing to peace, stability, cooperation, and development in the region and the world.

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