Prime Minister Pham Minh Chinh (C) attends the Vietnam-Czech Republic Business Forum (Photo: VNA)
After 75 years, the Vietnam-Czech Republic relationship has developed positively, with remarkable progress in bilateral economic and trade ties. The Czech Republic is Vietnam's leading trade partner in Central and Eastern Europe, while Vietnam is its most important partner within the Association of Southeast Asian Nations (ASEAN).
Two-way trade has seen strong growth in recent years, reaching approximately 2 billion USD in 2024. The Czech Republic currently has 41 investment projects in Vietnam, with a total investment capital of 91 million USD. Key areas of Czech investment include energy, locomotives and carriages, buses, trams, agricultural machinery, and irrigation equipment.
At the forum, the two sides reviewed the bilateral economic cooperation, acknowledging that the economic, trade, and investment relations have not yet matched their strong political ties nor their potential, strengths, outstanding opportunities, and competitive advantages.
Highlighting their potential, strengths, and areas of cooperation, they discussed and proposed solutions to enhance economic, trade, and investment collaboration, particularly in traditional fields like mechanics, metallurgy, energy, transportation, labour, tourism, agriculture, and processing industries, as well as in such emerging sectors as innovation, information technology, digital transformation, green transition, transportation connectivity, and mining.
They expressed their hope that the two governments will consider opening a direct flight route between Vietnam and the Czech Republic to facilitate trade, tourism, and cultural cooperation, and people-to-people exchanges.
Addressing the forum, PM Chinh stated that his official visit aims to elevate the bilateral relationship to a new level, marking the 75th anniversary of the traditional and strong Vietnam-Czech friendship. Vietnam has officially implemented a unilateral visa exemption for Czech citizens visiting Vietnam, initially for 2025, he added.
Analysing the global situation, challenges, opportunities, and trends toward green transition, diversification, and digitalisation, he emphasised that Vietnam views economic development as a core mission, and is focusing on building an independent, self-reliant, and self-resilient economy associated with extensive and substantive international integration.
The country is implementing three strategic breakthroughs: improving the institutional framework, especially the market economy institution; developing strategic infrastructure systems, including both hard and soft infrastructure; and training and developing human resources, especially high-quality human resources, with the goal of creating a flexible mechanism, seamless infrastructure, intelligent workforce and smart governance. At the same time, the country is reforming administrative procedures and improving the investment and business environment to create conditions for businesses to invest and operate more effectively in Vietnam.
It is promoting development based on science, technology, and innovation to achieve double-digit growth in the near future. The country aims to rejuvenate traditional growth drivers while fostering new ones, with a focus on attracting investment in sectors such as green energy, green infrastructure, climate change mitigation, green economy, digital economy, knowledge economy, circular economy, and night-time economy.
Vietnam is actively boosting transportation infrastructure connectivity with the Czech Republic, including plans to restore the railway connection and, notably, to establish a direct flight route between Vietnam and the Czech Republic under a one journey, multiple destinations model, stated Chinh.
Building on the foundation of high political trust, aspirations for peace and development, shared core community values, and markets that complement each other, the Government leader highlighted the vast opportunities for cooperation between the two countries’ businesses and investors.
He urged enterprises to collaborate and diversify their products, production and supply chains, particularly in emerging sectors such as semiconductor, big data, the Internet of Things (IoT), cloud computing, cybersecurity, biomedical science, and optics.
He also encouraged both sides to take the most of the EU-Vietnam Free Trade Agreement (EVFTA) and other cooperative mechanisms, aiming to increase bilateral trade turnover to 5 billion USD and raise Czech investment in Vietnam to 2-3 billion USD in the coming time.
The Prime Minister expressed his expectation that in the near future, investment cooperation between the two countries will experience strategic breakthroughs, particularly in key areas of mutual interest and priority, such as the automotive industry, foundational industries, transportation, and energy, contributing to revitalising traditional growth drivers and promoting new growth engines.
He encouraged businesses from both countries to strengthen connections, link their economies, investments, and trade with the principle of harmonising benefits, sharing risks, and listening together, understanding together, sharing visions and actions, working together, winning together, benefiting together, developing together, and sharing joy, happiness, and pride,” so as to contribute to deepening and enhancing the Vietnam-Czech Republic relationship in a more substantial, practical, and efficient manner.
Following the forum, PM Chinh witnessed the signing of cooperation agreements between the Vietnam National Academy of Music and the Prague Bohemian Symphony Orchestra regarding training and musical performances; and a strategic cooperation agreement between the Hanoi Police Football Club and the Slavia Prague Club on youth player training, technical exchange, and organising international friendly matches./.