Vietnam and Slovenia enhance trade connectivity

Addressing the event, Vu Ba Phu, director of the Trade Promotion Agency, emphasised that since the implementation of the EU - Vietnam Free Trade Agreement (EVFTA) in 2020, bilateral trade turnover between the two countries has witnessed a 12-fold rise from US$46.1 million in 2012 to over US$516 million last year.

As of the end of August, Slovenia ranked 92nd out of 146 countries and territories investing in the Vietnamese market, with three valid investment projects capitalised at US$2.3 million.

Despite recording an impressive growth rate, two-way trade turnover remained modest, said Phu, adding that there remains ample room for businesses to expand cooperation and diversify supply chains, especially for industries that each side has strengths in, he added.

Vietnam can therefore become a gateway for Slovenian businesses to gain access the ASEAN market, as well as the wider Asia-Pacific region, which the Vietnamese side has signed free trade agreements (FTAs) with, he noted.

Meanwhile, with strengths in both seaports and logistics, Slovenia will be a gateway for Vietnamese firms to enter the EU market, especially Eastern and Southeast European countries, he stressed.

Within the framework of the forum, a Memorandum of Understanding was signed between the Vietnam Trade Promotion Agency (VIETRADE) and the Slovenian Business Development Agency (SPIRIT Slovenia) to further step up economic and trade linkages between the two countries.

The highlight of the forum was the Vietnam - Slovenia trade exchange programme which involved the participation of nearly 100 businesses in the fields of transport and logistics.