Vietnam, Belgium look to step up trade, investment ties

Trade Counselor in Belgium Tran Ngoc Quan briefed participants on the investment environment in Vietnam at the event during which potential and strengths of Belgian regions were introduced.

According to Ambassador Nguyen Van Thao, there remains great potential for Vietnam and Belgium to expand their cooperation, especially in agriculture; green growth; seaport and logistics development and innovation.

The two countries should work closely to create a favorable environment for the business community of both sides to exploit these potentials, he said.

Mariella Cantagalli , an expert from the Directorate General for Trade of the E.C., said the E.U.-Vietnam Free Trade Agreement (EVFTA) has facilitated the exchange of trade and import-export between Vietnam and E.U. member countries in general, and Belgium in particular.

Vietnam and Belgium has become strategic partners in agriculture. The two-way trade reached a record of 3.6 billion EUR (nearly 3.8 billion USD) in 2021.

The trade in the January-May period this year hit over 2.1 billion USD, up over 40% year-on-year. Belgium is now the fifth largest trade partner of Vietnam in E.U., while Vietnam is the second biggest partner of the European country in the ASEAN. By the end of May, Belgium had 81 valid projects in Vietnam with a total registered capital of nearly 1.1 billion USD.

Source: VNA