Ample room for stronger Vietnam – Poland trade cooperation: Minister
There remains huge room for stronger trade and investment cooperation between Vietnam and Poland, said Minister of Industry and Trade Nguyen Hong Dien has said.
Minister of Industry and Trade Nguyen Hong Dien and Polish Minister of Economic Development and Technology Krystof Paszyk sign a meeting minute, agreeing on many important contents to promote economic and trade cooperation between the two countries. (Photo: VietnamPlus)
Hanoi (VNA) ꦕ- There remains huge room for stronger trade and investment cooperation between Vietnam and Poland, said Minister of Industry and Trade Nguyen Hong Dien has said.
Addressing the second Polish-Vietnamese economic consultations held in Warsaw on January 16 as part of Prime Minister Pham Minh Chinh’s ongoing official visit to Poland, Dien underscored that both nations boast huge potential to capitalise on the free trade pact, making Poland a gateway for Vietnamese goods to enter the EU market and Vietnam a bridge for Polish products to penetrate into the ASEAN market.
Co-chairing the meeting, Dien and Polish Minister of Economic Development and Technology Krystof Paszyk discussed emerging trends in bilateral trade and ways to facilitate trade and investment, particularly leveraging the EU-Vietnam Free Trade Agreement (EVFTA) to enable each country's strong products to enter the other's market.
The ministers acknowledged the long-standing friendship between the two countries and agreed to further strengthen bilateral economic relations, promote trade and investment, and explore new areas for win-win cooperation.
They referenced the significance of bilateral collaboration across trade, industry, mineral exploitation, innovation, semiconductors, digital transformation, agriculture and pharmaceuticals. The ministers also revealed these are primary cooperation areas for the future as well.
Paszyk, for his part, said Poland has recognised Vietnam as its most crucial trading partner among ASEAN nations and a premier investment destination in the Asia-Pacific region, expressing his hope for trade balance and expansion of trading goods.
Poland has initiated internal procedures to ratify the EU-Vietnam Investment Protection Agreement (EVIPA), he added.
In 2023, two-way trade exceeded 5.5 billion USD, up 12% compared to the same period in 2022. Poland's exports to Vietnam grew by 16%, reaching 581 million USD, while Vietnam's exports to Poland rose by nearly 12%, amounting to almost 5 billion USD.
Minister of Industry and Trade Nguyen Hong Dien and Polish Minister of Economic Development and Technology Krystof Paszyk at the second Polish-Vietnamese economic consultations (Photo: VietnamPlus)
Assessing progress in expanding market access for Poland's agricultural and food products could help contribute to balancing bilateral trade between the two countries.
A notable development was the successful entry of Polish blueberry in the Vietnamese market following the third meeting of the Poland-Vietnam working group on agriculture, he said.
The Polish side suggested more dialogue between phytosanitary organisations to promote market access for high-quality Polish agricultural products in the Southeast Asian country.
Regarding agricultural trade between the two countries, Paszyk also called on Vietnam to continue opening its market to high-quality agricultural products from Poland.
Dien agreed with Paszyk’s proposal, expressing his belief that these will strongly promote cooperation between Vietnam and Poland.
A view of the second Polish-Vietnamese economic consultations (Photo: VietnamPlus)
He spotlighted untapped potential in pharmaceutical cooperation, calling for foreign investment in research and production of medicines, vaccines, and biological products in Vietnam.
The Vietnamese official welcomed Poland's proposal to expand cooperation in terms of semiconductor technology, agriculture, mining, energy, environment, and sustainable, eco-friendly technological solutions for a circular economy and wastewater management.
He urged Poland to support Vietnam in removing the European Commission’s “yellow card” against its seafood and expediting the ratification of the EU – Vietnam Investment Protection Agreement (EVIPA), towards further boosting trade between the two nations.
The partnership should be expanded to retail distribution networks, he said, proposing closer cooperation between Polish retail groups and Vietnamese manufacturers to facilitate Vietnamese branded products into the Polish and EU markets while developing Vietnam as a regional supply hub.
At the meeting, which was held under the framework of the Memorandum of Understanding (MoU) between the Ministry of Economic Development and Technology of Poland and the MoIT of Vietnam, signed on November 28, 2017, the two ministers signed the minutes outlining key initiatives for economic cooperation. The third consultation event is scheduled to take place in Hanoi in 2027./.
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