Vietnam is committed to creating the best possible business environment in accordance with standards from the Organization for Economic Co-operation and Development (OECD), Prime Minister Pham Minh Chinh said while addressing the Vietnam - Czech Business Forum in Hanoi on April 21.
Standards include maintaining socio-political and macro-economic stability, removing bottlenecks in the economy in terms of legal institutions, infrastructure, and human resources, and developing supply chains and reducing transaction costs, especially logistics and administrative costs.
The Prime Minister highlighted the friendship and traditional cooperation between Vietnam and the Czech Republic over the past 70 years. Despite being heavily affected by Covid-19, economic, trade, and investment cooperation between the two countries is still developing vigorously with impressive results, he said.
Bilateral trade turnover increased 15 per cent year-on-year in 2022 to $848 million. The Czech Republic is now one of Vietnam’s most important trading partners in Central and Eastern Europe. It has 41 projects in the country with total registered investment capital of about $92 million, ranking it 49th out of 141 countries and territories with direct investment in Vietnam.
The Vietnamese Government is committed to continuing to work closely with the Czech Government, increasing the exchange of experience in areas of potential and mutual interest, such as energy, the environment, science and technology, education, and travel, Prime Minister Chinh said.
Czech Prime Minister Petr Fiala emphasized that Vietnam is an important partner of the Czech Republic in Southeast Asia.
Many Czech companies are investing efficiently in Vietnam, he said, adding that his country holds a number of advantages in areas such as energy transition, healthcare, and research and innovation.
The forum was co-organized by the Vietnam Chamber of Commerce and Industry, the Chamber of Commerce of the Czech Republic, and the Embassy of the Czech Republic in Vietnam, during Czech Prime Minister Petr Fiala’s visit to Vietnam from April 20-22.
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