HÀ NỘI — The Czech Republic hopes to accelerate bilateral investment ties between Vietnamese and Czech businesses in environmental protection, mining technology, construction technology, chemicals, telecommunications, chemicals, industrial machinery and hi-tech farming.

Czech Deputy Minister of Industry and Trade Vladimir Bartl made the statement at a business forum held in Hà Nội on Wednesday.

Việt Nam has become an attractive destination for foreign investors including those from the Czech Republic, the deputy minister said.

As of March, the Czech Republic had 36 projects, worth more than US$90 million, in Việt Nam, 48th among 126 countries and territories investing in the country, according to the Ministry of Planning and Investment’s Foreign Investment Agency.

In his speech at the event, Tạ Hoàng Linh, head of the European-American Markets Department under the Ministry of Industry and Trade highlighted the fast growth and integration into the global and regional economy of both Việt Nam and the Czech Republic as a favourable condition for the two countries to accelerate bilateral co-operation.

He said Việt Nam has created a favourable investment environment for foreign investors in terms of political stability, better legal system in line with international practices and improved infrastructure.

The Czech Republic is among Việt Nam’s biggest trade partners in Central and East Europe, he affirmed, calling on Czech firms to focus more on the Vietnamese market.

Đoàn Duy Khương, vice chairman of the Việt Nam Chamber of Commerce and Industry (VCCI), affirmed that bilateral relations between the two countries in trade and investment have experienced stable growth over the years.

Khương mentioned farm produce, textile and garments, machinery and equipment, hospital medical equipment, energy and information technology as promising sectors for two-way investment co-operation.

In terms of trade, top priority should be given to balancing two-way trade as Việt Nam recorded an export surplus with the Czech Republic, Khương said.

Việt Nam will be an effective gateway for Czech businesses to access the lucrative ASEAN market, while the Czech Republic will help Vietnamese firms to penetrate deeply into the European market, especially when Việt Nam-EU Free Trade Agreement comes into effect, he noted.

Statistics from the General Department of Customs revealed that bilateral trade turnover reached more than $257 million in 2017, representing a modest yearly increase of 3 per cent. Of the sum, Việt Nam exported $151 million worth to the Czech while its imports hit $106 million.

In past two months of this year, trade fetched nearly $50 million, up 31.3 per cent from the same period in 2017. Việt Nam’s exports worth more than $28 million in the time were mostly footwear, apparels, aquatic products, industrial machines, spare parts and electronic devices. — VNS