Czech Minister of Industry and Trade Jozef Sikela. — VNA/VNS Photo Ngọc Biên

PRAHA — Việt Nam currently represents the most important trading partner of the Czech Republic in the whole ASEAN region with the overall trade reaching the record level of US$2.3 billion in 2022, Minister of Industry and Trade of the Czech Republic Jozef Síkela told the Vietnam News Agency on September 2.

During the first half of 2023 exports from the Czech Republic to Việt Nam increased by 48 per cent while Vietnamese imports expanded by 7 per cent compared to the previous time period, Síkela said.

He attributed the results to strong and intensive cooperation between the two countries’ governments as well as business sectors, expecting that two-way trade will set a new record this year.

The minister said that after his visit to Việt Nam in February, his ministry is planning for the 8th meeting of the Czech-Vietnam Economic Joint Committee in Hà Nội next year, as well as participation in one of the major trade fairs in Hồ Chí Minh City.

Regarding the EU-Vietnam Free Trade Agreement (EVFTA), which entered into force on 1st of August 2020, the minister stressed that it signifies a major milestone in the 21st century’s development of economic, trade and investment relations between the EU member states and Việt Nam.

Given the fact that the two partners’ economies are highly complementary, the deal unlocked tremendous opportunities for companies on both sides in terms of market access for goods and services through cutting tariffs, removing technical barriers to trade and opening markets for government procurement, he went on.

"Việt Nam’s strong competitiveness in the agri-food sector and labour-intensive industries is undeniable, while the EU, with its capital, high-tech and top-quality management expertise, is a reliable supplier for Việt Nam," the minister said.

The EU’s ability to provide advanced technologies and sophisticated machineries and equipment matches Việt Nam’s needs for its manufacturing sectors, he added, saying that this will result in increased economic growth and boost export earnings in both markets.

For the Czech Republic, the further implementation of the EVFTA, particularly the gradual reduction of Vietnamese car import duties by 78 per cent by the year 2030, could significantly contribute to the expansion of Czech automotive industry’s presence in Việt Nam, and increasing export and investment projects from the Central European country, Síkela stressed. — VNS