Enhancing Trade and Business opportunities for Vietnamese and Slovenian businesses
On the occasion of the 30th anniversary of the establishment of diplomatic relations between Vietnam and Slovenia (1994 – 2024) and with the goal of further deepening economic and trade cooperation, on September 26, 2024, in Hanoi, the Ministry of Industry and Trade (Vietnam Trade Promotion Agency) in collaboration with the Ministry of Economy, Tourism, and Sport of Slovenia (SPIRIT Slovenia) organized the Vietnam-Slovenia Business Forum at the Melia Hotel, Hanoi.
Through this forum, businesses from Vietnam and Slovenia had the opportunity to meet, share experiences, gather market information, and connect for trade, seek product distribution partners, and expand export markets.
In attendance from the Vietnamese side were Mr. Vu Ba Phu, Director General of the Vietnam Trade Promotion Agency, along with senior officials from various departments within the Ministry of Industry and Trade, including the European – American Market Department, the Department of Industry, the Import-Export Department, and the Office of the Ministry. On the Slovenian side were Ms. Mojca Deželak – Deputy Ambassador of the Republic of Slovenia in Beijing, Mr. Rok Capl, Director of SPIRIT Slovenia, and Ms. Vesna Nahtigal, Director General of the Chamber of Commerce and Industry of Slovenia. Nearly 100 associations, companies, and corporations from various fields of Vietnam and Slovenia participated in the forum.
Potential for Expanding Vietnam – Slovenia Cooperation
In his speech at the forum, Mr. Vu Ba Phu, Director General of the Vietnam Trade Promotion Agency, emphasized that the 30-year journey of cooperation between Vietnam and Slovenia has seen significant progress, paving the way for further economic and trade development. The most notable indication is the recent exchanges of delegations at various levels and between businesses from both countries.
The implementation of the EVFTA has contributed to remarkable progress in trade exchanges between the two countries. Bilateral trade turnover increased more than 12 times, from 46.1 million USD (in 2012) to over 516 million USD (in 2023). Regarding investment, as of the end of August 2024, Slovenia ranked 92nd out of 146 countries and territories investing in Vietnam, with three active investment projects and a total registered capital of 2.3 million USD.
“The Ministry of Industry and Trade hopes that in the future, Vietnam will welcome more Slovenian enterprises to invest in our country,” said Mr. Vu Ba Phu. He also evaluated that despite the impressive growth, bilateral trade turnover between Vietnam and Slovenia remains modest. There is great potential for expanding trade and cooperation, as the export-import structure between Vietnam and Slovenia is not competitive but complementary. This provides favorable conditions for businesses from both countries to build and develop cooperative relationships and diversify supply chains, especially in sectors where each side has strengths, such as agriculture, textiles, footwear, wood products, household goods from Vietnam, or logistics, chemicals, pharmaceuticals, electronics, and machinery from Slovenia.
Vietnam can become a gateway for Slovenian enterprises to access the ASEAN market and the Asia-Pacific region, where Vietnam has signed free trade agreements (FTAs). Conversely, Slovenia can serve as a gateway for Vietnamese enterprises to enter the EU market, particularly due to Slovenia’s strength in ports and logistics, making it a closer, faster, and more cost-effective bridge for Vietnamese goods to penetrate the EU market, especially in Eastern and Southeastern Europe.
Proactive Trade Connections and Business Opportunities
In addition to the advantages, Mr. Vu Ba Phu noted that in the coming time, we will continue to face global challenges, characterized by rapid, complex, and unpredictable developments. This requires open and deeply integrated economies like Vietnam and Slovenia to cooperate more closely and effectively to jointly respond and enhance the resilience of each economy. Strengthening bilateral economic and trade cooperation, while taking full advantage of the EVFTA, will contribute to bringing substantial benefits and opportunities to the business communities of both countries.
On this occasion, Mr. Vu Ba Phu also expressed his hope that the business community and relevant authorities from both sides would actively find ways to develop cooperation between Vietnam and Slovenia in the future. Accordingly, businesses from both countries need to effectively exploit the complementary nature of their economies, proactively connect, exchange information, understand market needs and preferences, and participate in trade and investment promotion activities in both countries to connect for effective trade, and seek specific business and investment opportunities.
“In the context of global green development and energy transition, Vietnam hopes that Slovenia can provide expertise in areas where Slovenia excels, such as energy transportation, logistics, maritime transport, high technology, and renewable energy. These are key areas that I believe will be new directions for promoting bilateral cooperation between Vietnam and Slovenia in the future. Businesses from both sides need to continue actively implementing the EU-Vietnam Free Trade Agreement and better leverage the opportunities it offers in the current context,” Mr. Vu Ba Phu emphasized.
Within the framework of the forum, a Memorandum of Understanding was signed between the Vietnam Trade Promotion Agency and SPIRIT Slovenia. This MOU will help both sides create a stable, sustainable, and methodical cooperation mechanism; establish a plan to implement trade promotion activities in the future; and contribute to promoting the cooperation relationship between the Vietnam Trade Promotion Agency and SPIRIT Slovenia specifically and enhancing the economic and trade relationship between Vietnam and Slovenia in general.
“I believe that the signing of this MOU will help both sides create a stable, sustainable, and methodical cooperation mechanism; establish a plan to implement trade promotion activities in the future, and contribute to promoting and enhancing the economic and trade cooperation between Vietnam and Slovenia. I hope that with our strong push in recent times, along with the vision and cooperation plan laid out between the two countries, bilateral export, import, and investment values will grow multiple times in the next 10 years, making Vietnam and Slovenia top partners in the region and the world,” Mr. Phu emphasized.
At the forum, participants listened to presentations introducing the investment and business environment in Vietnam and Slovenia, as well as trade cooperation opportunities between Vietnamese and Slovenian businesses. Additionally, two panel discussions were conducted on sea and road transport services within the context of the current global supply chain, with a focus on the Asia-Pacific and European regions.
A highlight of the forum was the Vietnam-Slovenia business connection program, with the participation of nearly 100 businesses in fields such as transportation, logistics, and others. Through the trade connection program, businesses from both countries had the opportunity to meet, interact, and directly discuss the issues of concern, specific import-export needs for each product category, thereby contributing to promoting economic, trade, and investment exchanges between Vietnam and Slovenia.
The Vietnam-Slovenia Business Forum is an occasion to open up new opportunities, continue to create favorable conditions for businesses from both countries to further strengthen trade exchanges and cooperation, and positively contribute to stabilizing and balancing the economic and trade relationship between Vietnam and Slovenia, continuing to be a highlight in bilateral relations.
Prior to the Forum, the Director General of the Vietnam Trade Promotion Agency and relevant units of the Ministry of Industry and Trade had a meeting with the Slovenian logistics business delegation.
Vietnam can become a gateway for Slovenian enterprises to access the ASEAN market as well as the Asia-Pacific region, where Vietnam has signed FTAs. Conversely, Slovenia will serve as a gateway for Vietnamese businesses into the EU market, particularly due to Slovenia’s strengths in seaports and logistics, which can act as a closer, faster, and more cost-effective bridge for Vietnamese goods to enter the EU market, especially in Eastern and Southeastern Europe.
Source: International Relations Department