Connect and promote Vietnamese products in the Czech market

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With the aim of enhancing connection and information exchange between the Embassy and businesses, connecting Vietnamese businesses with the Czech Republic, and promoting and introducing products of businesses of the two countries, recently, in Usti nad Labem province, the Vietnamese Embassy in the Czech Republic organized the program "Enhancing connection - Promoting product promotion for the development of Vietnam - Czech trade".

The Czech Republic is currently an important partner of Vietnam in Eastern and Central Europe, and the Czech side also considers Vietnam a friend and an important partner. Vietnam is currently the most important trade partner of this country in the entire Association of Southeast Asian Nations (ASEAN) region.

Total trade turnover between the two countries in 2022 reached a record of 2.3 billion USD and 2023 is expected to witness a new record in trade turnover between Vietnam and the Czech Republic. In the first half of 2023, exports from the Czech Republic to Vietnam increased by 48%, while exports from Vietnam to the Czech Republic increased by 7%. This result highlights the strong and deep cooperation between the Governments as well as the business sectors of the two countries.

However, economic and trade cooperation between the two countries is still modest, not commensurate with the potential of each country. This is reflected in the fact that bilateral trade turnover accounts for only a small proportion of the total foreign trade turnover of both Vietnam and the Czech Republic, the structure of goods between the two countries is still narrow, and direct investment in each other's territory is still low.

Đại sứ quán Việt Nam tại Cộng hòa Séc đã tổ chức chương trình nhằm tăng cường kết nối, thúc đẩy quảng bá sản phẩm vì sự phát triển thương mại Việt Nam – Séc.

The Vietnamese Embassy in the Czech Republic organized a program to strengthen connections and promote products for the development of Vietnam - Czech trade - Photo: VNA

Vietnam's main export items to the Czech Republic are still traditional export items such as: Footwear, garments, seafood, industrial machinery, spare parts and electrical equipment... The main import items from the Czech Republic are: Machinery, equipment, tools, other spare parts, iron and steel products.

At the program, Vietnamese Ambassador to the Czech Republic Thai Xuan Dung emphasized that since the Vietnam - European Union Free Trade Agreement (EVFTA) took effect, economic relations between Vietnam and the Czech Republic have made significant progress. Since the EVFTA took effect, total trade turnover between the EU and Vietnam has increased by 48%, from 43.3 billion euros in 2020 to 64.3 billion euros (46.75-69.43 billion USD) in 2022. For the Czech Republic, the continued implementation of the EVFTA, especially the gradual reduction of the 78% import tax on Vietnamese cars until 2030, can significantly contribute to expanding the presence of the Czech automotive industry in Vietnam and increasing export and investment projects from the Czech Republic.

According to Mr. Dung, despite being affected by the COVID-19 pandemic and the conflict in Ukraine, in the 2020-2022 period, trade turnover between the two countries still maintained a high growth rate.

Since the beginning of 2023, Vietnam and the Czech Republic have exchanged many high-level delegations to promote cooperation in all fields, especially the visit and working visit of Czech Prime Minister Petr Fiala to Vietnam in April 2023.

Ambassador Thai Xuan Dung believes that in the near future, importers, Czech businesses, local people and Vietnamese expatriates living in the Czech Republic will welcome more products from Vietnam.

Attending the program "Strengthening connections - Promoting product promotion for the development of Vietnam - Czech trade" were representatives of the Ustecky Provincial Council of Ethnic Minorities, the Usti nad Labem Regional Chamber of Commerce and a number of businesses from the two countries.

Through the program, businesses from both countries had the opportunity to exchange, learn, and grasp each other's potential and strengths as well as understand more about the business environment in each country. Along with that, the Organizing Committee also introduced high-quality Vietnamese products to local people and the Vietnamese community in the Czech Republic, contributing to promoting Vietnamese products, goods, and brands to local people.

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