Hanoi (VNA)🐟 - Prime Minister Pham Minh Chinh’s attendance at the upcoming 55th Annual Meeting of the World Economic Forum (WEF) in Davos and his bilateral activities in Switzerland are expected to open up various opportunities in trade between the two countries.

Potential partners

Statistics from Vietnam Customs show that two-way trade reached 732.7 million USD in the first 11 months of 2024, of which 166.8 million USD came from Vietnam’s exports, and 565 million USD from its imports, down 10% and 1.7% year-on-year, respectively. Vietnamese products with strong competitive advantages in the Swiss market include aquatic products, textiles, handbags, footwear, handicrafts, tea, coffee, and spices. In recent years, Vietnam has consistently ranked among the top four largest suppliers of aquatic products to Switzerland, following Norway, France, and the Netherlands. According to the Ministry of Industry and Trade (MoIT) ’s European-American Market Department, in 2020, they signed a memorandum of understanding with the International Trade Centre (ITC) to provide a cost-sharing method for lecturers participating in 12 training courses for Vietnam's small- and medium-sized enterprises (SMEs). Additionally, the database system for Vietnam's processing, manufacturing, and supporting industries was developed through a collaboration between the MoIT’s Vietnam Industry Agency (VIA) and the International Finance Corporation (IFC), a member of the World Bank Group, with funding from the Swiss State Secretariat for Economic Affairs (SECO). This marked a significant milestone in enhancing cooperation opportunities between Vietnamese businesses, foreign direct investment (FDI) enterprises, and multinational groups. The Supplier Development Programme (SDP), jointly implemented by the VIA and the IFC with SECO funding will support Vietnamese industrial businesses to access global value chains. It involved the participation of Canon, Toyota, Panasonic, Denso, Bosch, GE, and Schneider Electric, as well as 45 enterprises operating in the electronics, automotive, and mechanical engineering sectors. Notably, there are currently over 100 Swiss companies operating in Vietnam, which have created approximately 20,000 jobs in the Vietnamese market. As of October 2024, Switzerland had run 218 projects in Vietnam with a total registered capital of over 2.1 billion USD, ranking 20th out of 148 countries and territories pouring capital into the country.

Promoting collaboration

During a recent visit to Switzerland, Pham Dinh Nghi, Deputy Secretary of the Party Committee and Chairman of the People's Committee of Nam Dinh province, pledged favourable conditions for Swiss investors and businesses to explore and invest in the province. He assured that any difficulties or obstacles faced by investors will be removed quickly. Similarly, the People's Committee of Thai Binh province – Nam Dinh’s neighbour - has conducted various activities in Switzerland and other European countries to showcase its potential and strengths, aiming to attract more investors. Nguyen Quang Hung, Standing Vice Chairman of the provincial People's Committee, stated that in 2023, Thai Binh’s exports to the European country fetched 1.2 million USD, accounting for only 0.05% of the province's total export value, indicating significant room for further collaboration and mutual development. According to Nguyen Duc Thuong, Vietnam's Trade Counsellor in Switzerland, trade and investment are two key pillars of the relationship between the two countries, with substantial potential for further development. As a bridge for trade and investment promotion, the office will continue to collaborate in promoting and introducing Vietnam's potential, strengths, and investment orientations to the Swiss and European business communities, thus helping to attract foreign investment./.