VN, Slovakia beef up investment connectivity

Deputy PM Vuong Dinh Hue at the Viet Nam-Slovakia business seminar, September 21, 2017 - Photo: VGP/Thanh Chung

The event was jointly hosted by the Slovakian Ministry of Economics, the Vietnamese Embassy in Slovakia, and the Vietnamese Ministry of Planning and Investment.

At the event, Mr. Hue spoke of the long-lasting traditional ties between the two countries, regarding it as valuable asset of the business circles of both Viet Nam and Slovakia. 

Viet Nam, said Deputy PM Hue, has maintained an economic growth rate of above 6.5% over the last 30 years, becoming an over US$ 220 billion economy. The middle class is booming. 

So far, the Southeast Asian nation has absorbed over US$ 310 billion of FDI from 122 countries and territories including world leading groups on electronics, garments and textiles, and agriculture.

The country invested over US$ 21 billion abroad in fields of mining, telecom, agro-forestry, IT, finance-banking, and service in 72 countries and territories. 

Viet Nam has proactively promoted international integration by joining 12 FTAs. 

Last year, the two-way trade turnover between Viet Nam and Slovakia stood at US$ 450 million, up 1.5 times against 2015 and 3.5 times against 2010. Slovakia invested nearly US$ 245 million in eight projects, making it the 35th largest investor out of 122 countries and territories in Viet Nam. Viet Nam also had one FDI project of FPT in Slovakia. 

Nevertheless, the level of cooperation remained modest and failed to catch up with respective potentials and aspiration. There are abundant opportunities for Slovakian businesses to tap business and investment opportunities in Viet Nam and vice versa. 

Especially, Deputy PM Hue encouraged Slovakian enterprises to invest in competitive fields in Viet Nam, namely automobile and spare parts production, mechanics, industrial equipment, electronics, and infrastructure development. On the other hand, the Vietnamese Government also enabled domestic enterprises to seek business opportunities in Slovakia in IT and production of consumption goods. 

On the sidelines of the seminar, Deputy PM Hue met with leaders of Slovakian leading businesses namely Slavia Capital President Peter Gabalec and E-group General Director Anton Bielik./.

By Khanh Phuong