Two-way trade between Vietnam and Belgium is estimated to reach nearly $5 billion this year, Prime Minister Pham Minh Chinh has said.

Speaking at the Vietnam-Belgium Business Forum in Brussels on December 15, the Prime Minister said relations between Vietnam and Belgium are developing well in all fields and Belgium has invested $1.1 billion in Vietnam to date.

Belgium is considered a gateway market to the EU for Vietnam’s key exports, he said.

Vietnam has implemented a foreign policy of independence, self-reliance, diversification, and multilateralisation, he went on, and been a good friend, reliable partner, and responsible member of the international community. It is determined to build an independent, self-reliant economy that effectively integrates into the international community.

“This is a very important foundation, creating more motivation and confidence for enterprises to feel secure in production and business, promoting economic, trade, and investment cooperation and bringing practical benefits to the two peoples,” he said.

The Prime Minister expressed a hope that Belgian and European enterprises would continue to diversify products, markets, and supply chains to promote effective and sustainable production and business in Vietnam.

He suggested they maintain investment and call on more firms to pour capital into Vietnam, with priority given to innovation and startups, digital transformation, climate change response, the circular economy, infrastructure, logistics, and hi-tech agriculture.

On the same day, Prime Minister Chinh met with leaders from Belgian businesses, such as Chief Operations Officer of Brussels Airport Piet Demuter, Pharos Company Chairman John Martin, and Ageas Company Chairman Bart De Smet.