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Representatives of the Vietnam Trade Promotion Agency (Vietrade) and the SPIRIT Slovenia Business Development Agency at the signing ceremony of their Memorandum of Understanding (MoU) on cooperation |
The countries aim to establish a stable and sustainable collaboration mechanism under the MoU, and set out plans for future promotion activities to strengthen and expand economic and trade relations.
At the forum, Vietrade Director Vu Ba Phu said the implementation of the E.U.-Vietnam Free Trade Agreement (EVFTA) has driven remarkable growth in the Vietnam-Slovenia commercial transactions, with their bilateral trade increasing more than 12-fold from 46.1 million USD in 2012 to over 516 million USD in 2023.
As of August 2024, Slovenia ranked 92nd out of 146 countries and territories investing in Vietnam, with three valid projects totaling 2.3 million USD in registered capital.
Phu noted that Vietnam could serve as a gateway for Slovenian businesses to access ASEAN markets and the Asia-Pacific region. Conversely, Slovenia, with its strengths in seaports and logistics, could act as a key bridge for Vietnamese goods to penetrate the E.U. market, particularly in Eastern and Southeastern Europe.
Strengthening the bilateral economic and trade ties and capitalizing on the EVFTA will bring significant benefits and opportunities to the business communities of both countries, Phu remarked.
Experts at the forum held that despite the impressive growth, bilateral trade volume remains modest. There is significant potential for expanding trade and cooperation, as their export-import structures are complementary rather than competitive.
Vietnamese and Slovenian enterprises should build and diversify their supply chains, particularly in sectors where each side has strengths, such as Vietnam's farm produce, textiles, footwear, furniture, and household items, and Slovenia's logistics, chemicals, pharmaceuticals, electronics, and machinery.
Source: VNA