Vietnam, Switzerland to further boost economic, trade, investment ties

Minister of Industry and Trade Nguyen Hong Dien and President of the National Council of Switzerland Martin Candinas had a meeting in Hanoi on June 30, sharing the view that the two countries should further step up economic, trade, and investment links.

Dien appreciated Switzerland’s assistance for industrial and energy projects, international economic integration, and small- and medium-sized enterprises of Vietnam, describing this as a precious resource for the Southeast Asian country’s development and integration process over the past years.

Candinas, who is paying an official visit to Vietnam from June 27 to 30, said Switzerland always attaches importance to and wishes to further enhance bilateral cooperation, especially in economy and trade, and that it is working hard towards the signing of a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), which gathers Switzerland, Norway, Iceland, and Liechtenstein.

Both sides shared the view that bilateral relations in economy, trade, and investment have been growing well in the recent past but still have much potential, and the two countries should further promote these ties.

The signing of an FTA that the parties concerned have negotiated for more than 10 years will be a prerequisite and also a useful tool for their enterprises to grasp opportunities for development cooperation, facilitate trade in goods, and boost bilateral investment flows, they said.

On this occasion, Dien and Candinas discussed directions for trade, investment, and development partnerships in the coming time so as to reinforce links in innovation, green economy, and sustainable development.

The Minister also called on the President of the Swiss National Council to support Vietnam’s efforts to attract high-quality investment, especially in the industries that Switzerland is strong at and Vietnam has demand for.

He asked the European country, with its advantages and experience in automation, precision mechanics and high technology, will increase investment in projects of those sectors in Vietnam to help connect the latter with global production and supply chains.

Dien also asked for help with the development of fundamental industries in Vietnam such as the material, chemical, mechanical, supporting, processing, and manufacturing industries, adding that Swiss investment in these sectors should be made in tandem with manpower training and technology transfer to help Vietnam reach the sustainable development goals.

Concluding the meeting, the two sides agreed to continue reinforcing partnerships in the fields of Switzerland’s strength and Vietnam’s demand. They also affirmed the determination to step up the signing of an FTA between Vietnam and the EFTA to create breakthroughs in bilateral trade and investment.