Slovakian businesses encouraged to invest in Vietnam

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At the event, Deputy PM Vuong Dinh Hue reiterated the longstanding traditional friendship between Vietnam and Slovakia and the deep sentiment link between the two peoples, which serve as the invaluable assets of the two countries, and create mutual trust and good opportunity for cooperation between businesses from both sides.

According to the Vietnamese Deputy PM, in 2016, the two-way trade turnover reached about 450 million USD, up by 1.5 times from 2015 and up by 3.5 times from 2010.

Deputy PM Vuong Dinh Hue speaking at the event.

In terms of investment, Slovakia has so far run 8 investment projects in Vietnam with a total registered capital of nearly 245 million USD, ranked 35th among the 122 countries and territories investing in Vietnam while Vietnam also has an investment project to Slovakia, with a total registered capital of 447,000 USD.

The cooperation results between the two sides are not commensurate with the two countries’ potentials, Deputy PM Vuong Dinh Hue said. He encouraged Slovakian businesses to invest in Vietnam in areas of their strengths, such as automobiles and parts, mechanics, industrial equipment, electronics, and infrastructure development.

“The Vietnamese Government also provides favorable conditions for Vietnamese information technology firms and consumer producers to cooperate with Slovakian partners and invest in Slovakia,” said Deputy PM Hue, adding that Slovakia may serve as the door to the EU market for Vietnamese businesses.

To increase bilateral trade turnover to 1 billion USD in the coming time, the Deputy Prime Minister introduced Vietnam's high-quality processed agricultural products, processed seafood, electronics and consumer goods to Slovakian businesses.

According to Deputy PM Hue, Slovakia's industrial, mechanical, energy and food products also have a big opportunity to enter the Vietnamese market and thereby reach other ASEAN and Asia-Pacific markets.

Speaking at the event, Vietnamese and Slovakian businesses shared their success stories when investing and doing business in each other's markets. They also proposed concrete measures for a better investment environment to the governments of the two countries.

On the sidelines of the event, the Deputy Prime PM had bilateral meetings with some large Slovakian businesses leaders, including Slavia Capital Group CEO Peter Gabalec and E-group CEO Anton Bielik.

The deputy PM asked the corporations to become strategic investors, leading other Slovakian firms to invest in Vietnam.

Deputy Prime Minister Vuong Dinh Hue and the Slovakian businesses leaders also exchanged information relating a number of potential investment projects in Vietnam in the fields of high technology, electronics, renewable energy and agriculture and information technology.