Spanish Prime Minister Pedro Sánchez (left) and Deputy Minister of Industry and Trade Phan Thị Thắng (centre) at the Vietnam-Spain Business Forum in HCM City on Thursday. — VNA/VNS Photo

HCM CITY — Việt Nam and Spain have great potential for cooperation in various sectors, with the former attracting Spanish investors due to its stable politics and competitive production costs, speakers said at a meeting on Thursday.

Speaking at the Vietnam-Spain Business Forum, Phan Thị Thắng, deputy minister of Industry and Trade, said: “Spain is an important partner for Việt Nam, both in the region and globally.”

“Spain is Việt Nam’s fifth-largest trading partner within the European Union, while Việt Nam holds the title of Spain’s largest trade partner in ASEAN.”

In 2024, total trade between the two nations reached an impressive $4.72 billion, she added.

However, Thắng acknowledged that the current economic ties don’t fully reflect the true potential of both countries.

Spanish investments in Việt Nam remain modest, ranking 46th out of 147 investing countries.

Thắng identified several key factors that could enhance this relationship.

Việt Nam’s status as the third-largest economy in ASEAN, along with its stable political climate and attractive production costs, makes it a prime location for Spanish companies.

In return, Spain’s strengths in energy and technology can significantly aid Vietnamese businesses as they expand globally.

The EU-Vietnam Free Trade Agreement (EVFTA) is also set to play a crucial role, aiming to eliminate nearly all tariffs within the next seven to 10 years.

Both nations serve as gateways to major economic regions, providing access to vast markets in the EU and ASEAN.

The forum aims to strengthen trade and investment ties, encouraging collaboration in various sectors, including food processing, textiles, logistics, tourism, and renewable energy, according to Thắng.

Partnering with HCM City

Bùi Xuân Cương, vice chairman of the HCM City People’s Committee, said the city is actively attracting investment in key sectors such as high technology, transportation, healthcare, and green growth.

Key projects in the pipeline include the establishment of an international financial centre, a vast urban railway system, and a new international transshipment port in Cần Giờ district.

HCM City is also focused on sustainable economic growth, with a goal of achieving net-zero emissions by 2050.

Cường said the city is willing to enhance cooperation with Spain in areas such as transportation infrastructure, renewable energy, food processing, and digital transformation.

“HCM City is dedicated to improving the investment climate for foreign businesses, including those from Spain,” he noted.

Spain currently has 44 investment projects in the city, worth $16.2 million in registered capital, he said.

While bilateral trade has surpassed $400 million, both sides recognise the potential for much more, he added.

Spanish Prime Minister Pedro Sánchez, who also attended the forum, said Việt Nam is a top priority for Spain in Southeast Asia.

He emphasised the importance of elevating bilateral relations to a comprehensive strategic partnership.

He also expressed Spain’s desire to support Việt Nam’s development, particularly in sectors where Spain excels, such as transport infrastructure, renewable energy, and tourism.

The forum took place as part of the Prime Minister Sánchez’s historic visit to Việt Nam from April 8 to 10, marking the first visit by a Spanish Prime Minister since the establishment of diplomatic relations in 1977.

His delegation included representatives from 20 leading Spanish corporations.

Over the past 48 years, relations between Việt Nam and Spain have flourished, with collaboration expanding across various fields.

As of January 2025, Spain had 97 projects in Việt Nam, amounting to $143.9 million in investment, making it the 46th-largest investor in Việt Nam.

Meanwhile, Việt Nam has three investment projects in Spain, with a total value of $64.2 million. — VNS