Vietnam-Slovenia: Strengthening Bilateral Economic And Trade Cooperation

Minister for Industry and Trade Nguyen Hong Dien, Deputy Prime Minister and Minister of Foreign and European Affairs of Slovenia Tanja Fajon signed the minutes of the 3rd meeting of the Vietnam-Slovenia Intergovernmental Commission for Economic Cooperation. Photo: thoibaonganhang

At the third meeting of the Intergovernmental Commission for Economic Cooperation between Slovenia and Vietnam, the two sides reviewed the implementation of bilateral cooperation activities since the second meeting in 2019.

In the context of political and diplomatic relations between the two countries developing well, towards the 30th anniversary of the diplomatic relations between the two countries, in terms of bilateral trade, the trade turnover between the two countries increased more than 12 times, from US$46.1 million (2012) to over US$573 million (2022).

In particular, since the EU-Vietnam Free Trade Agreement (EVFTA) officially came into effect, bilateral trade growth between the two countries has always reached a high level of 15% to 20%/year.

However, both sides also believe that although bilateral economic and trade cooperation achieved positive developments, it is still not commensurate with the potential, needs, as well as the good relationship of the two countries over the past nearly 30 years.

Besides traditional fields, the two sides exchanged new directions in fields of mutual interest such as transportation logistics, high-tech agriculture, training and human resource development, cooperation in green transformation, digital transformation, combating climate change and cooperation in science, technology and innovation.

Tourism is also an area of focus for both sides, because both countries are blessed with beautiful natural scenery along with unique, long-standing cultures and are the top attractive tourist destinations in the world.

The two sides also agreed to continue maintaining good traditional relations, increasing exchanges at regional and international forums, promoting official visits, especially in 2024 when Vietnam and Slovenia will celebrate 30 years of the diplomatic relations.

After the meeting, Minister Nguyen Hong Dien said that the two sides are facing many opportunities as well as new challenges.

Therefore, the two sides need to continue to promote the Intergovernmental Committee mechanism and the Free Trade Agreement between Vietnam and the European Union, including Slovenia. Slovenia also needs to soon complete the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA), creating favorable conditions for businesses of the two countries to cooperate in investment.

Vietnam also recognizes Slovenia as a country with outstanding successes in the fields of high technology, digital trade and services, and energy transition.

These are areas where investment cooperation is possible in the future, and Vietnam hopes that Slovenian investors will soon come to Vietnam to explore investment opportunities.

On the same day, Minister Nguyen Hong Dien also had a bilateral meeting with Matjaž Han, minister of Economy, Tourism and Sport of Slovenia.

The two Ministers agreed that there is still much room and opportunity for cooperation between the two countries. They also discussed specific steps to realize the potential for cooperation in the economic and trade fields.

Minister for Industry and Trade Nguyen Hong Dien and Matjaž Han, minister of Economy, Tourism and Sports of Slovenia. Photo: thoibaonganhang

The two Ministers said that the successful signing of the minutes of the meeting by the Intergovernmental Committee of the two countries is only the first step.

They agreed to continue creating favorable conditions for goods to access each other's markets more easily, eliminating trade barriers, especially administrative procedures to strengthen bilateral trade.

The two countries provide each other with information on changes in each country's and the region's import-export policies to help businesses implement their production and business strategies more effectively.

Minister Nguyen Hong Dien proposed that the two sides promote closer cooperation in the field of transport and logistics, especially sea and air transport, so that the two countries can become important transshipment centers in the global and regional production and supply chains.

The two countries need to effectively take advantage of opportunities from the EVFTA, promoting cooperation in the industrial sector, especially fundamental industries (mechanics, processing, manufacturing, supporting industries, and pharmaceuticals).

They also need to develop new, important areas of cooperation that are of mutual interest and are Slovenia's strengths such as green transition, energy transition, application of science and technology and innovation.

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