Deputy Prime Minister Trần Lưu Quang during talks with Spanish Minister of Industry, Trade and Tourism Reyes Maroto in Madrid on March 2. — VNA/VNS Photo

MADRID — Deputy Prime Minister Trần Lưu Quang says Việt Nam is determined to step up the extensive and practical development of Việt Nam-Spain "strategic partnership towards the future", especially in trade and investment.

Meeting with Spanish Minister of Industry, Trade and Tourism Reyes Maroto in Madrid on March 2 (local time), Quang suggested Spain encourage its businesses to shift their high-quality investments to Việt Nam in areas that align with the two countries’ strengths and development needs such as infrastructure, renewable energy, transport, information technology and tourism; enhance cooperation and technology transfer in food hygiene and safety, seafood processing to improve the value of Vietnamese seafood exports to Spain.

He also proposed Spain support the European Commission (EC)’s early removal of illegal, unreported, and unregulated (IUU) fishing yellow card against Việt Nam’s seafood exports.

Maroto said a number of Spanish enterprises are interested in investing in infrastructure and renewable energy in Việt Nam.

She agreed to create favourable conditions for Việt Nam’s agro-aquatic products to enter the Spanish market, carry out the Memorandum of Understanding (MoU) on economic, trade and investment cooperation signed in 2017 and set up a joint committee to create a mechanism for the periodic exchange of measures to remove obstacles and boost trade-investment ties.

Acknowledging Việt Nam’s efforts for sustainable fishing development, she promised to work with other EU member states to have the yellow card against Việt Nam’s seafood removed.

The two sides agreed to continue effectively realising the EU-Việt Nam Free Trade Agreement (EVFTA) towards bringing two-way trade to US$5 billion in the future, increase monitoring and promptly update on recommendations regarding technical requirements, quarantine, food hygiene and safety.

They will accelerate the early signing of the Financial Cooperation Programme 6 while reinforcing collaboration in renewable energy, study the possibility of producing green hydrogen, which is Spain's leading strength area.

Quang asked Spain to provide training courses on tourism and technical assistance for Việt Nam on sustainable tourism development and management.

Meanwhile, the Spanish minister said that the potential for bilateral tourism cooperation remains huge. She promised to consider studying the possibility of opening a direct flight route to facilitate travelling of their citizens.

Following the meeting, the two officials co-chaired a seminar between Vietnamese and Spanish enterprises.

Deputy PM Quang said a Vietnamese airline has agreed to set up flight route between Việt Nam and Spain to serve the increasing demands.

Spain ranked 45/152 countries and territories in foreign direct investment in Việt Nam, with 88 projects worth over US$143 million. Việt Nam currently has four investment projects in Spain with a total capital of more than $64 million.

In terms of trade, Spain is currently the 8th largest partner of Việt Nam in the EU, the 7th largest export market and the 8th largest import market. In 2022, bilateral turnover reached $3.54 billion, up 13 per cent compared to 2021, the highest growth ever.

However, there is much room for further growth in economic ties and cooperation between the two countries, Deputy PM Quang noted, pledging that Việt Nam always creates favourable conditions for Spain to invest in Việt Nam in high-tech fields, renewable energy, or transport.

In order to achieve the goal of net zero by 2050, Việt Nam wishes to receive the cooperation of the Spanish business community through technology transfer, financial support, institution development, and human resources training during the transition.

The official also said that Việt Nam is ready to accompany Spain to enhance global supply chain with the financial and logistics support of Spain through the establishment of a tripartite cooperation mechanism on agriculture between Việt Nam, Spain and African and American Latin partners to contribute to solving global food security issues. — VNS