Ireland, Vietnam ramp up stronger economic and trade links

Addressing the signing ceremony, Tan said that the signing of the MOU will contribute to strengthening economic, trade and energy cooperation, with the goal of enhancing bilateral trade cooperation in the field of goods and services in a balanced and sustainable manner, encouraging advanced investment and promoting innovation.

This is an important legal basis for the two sides to explore and identify specific pillars of bilateral economic and trade cooperation in the coming time, based on the common interests and comparative interests of each side, he added.

Agreeing with Deputy Minister Nguyen Sinh Nhat Tan, Minister Peter Burke emphasized that the MoU between the two ministries will help support the connection of organizations, businesses and state agencies in the fields of high technology and renewable energy that Ireland aspires to cooperate with in Vietnam, as well as ramping up cooperation, trade and investment links in the fields of trade in goods, trade in services, e-commerce and supporting industries.

Both sides hope that the signing of the MOU is the first step for the two ministries to continue working together in detail, realizing the goals set out in the MoU with a view to elevating bilateral trade turnover to US$5 billion by 2026 when the two countries celebrate the 30th anniversary of their diplomatic ties.

According to the Ministry of Industry and Trade, after nearly 30 years of establishing diplomatic relations, the cooperative and friendly ties between Vietnam and Ireland has recorded many important achievements and is increasingly consolidated and strengthened across a variety of fields.

In terms of trade and economy, the trade turnover between the two countries has increased 2.5 times in just the past 6 years, despite the fluctuations in the global economy in recent times. Ireland is the 6th largest trading partner and the 2nd largest import market of Vietnam in the European Union.

The two countries are set to increase bilateral trade turnover to US$5 billion in a more equitable and sustainable manner by 2026 when both nations celebrate 30 years of their diplomacy.

Regarding investment, Ireland currently has 41 investment projects in Vietnam with a total registered capital of over US$60 million, ranking 55th out of 144 countries and territories with investment projects in Vietnam. Ireland's investment projects focus on a number of areas such as industrial production, green economy, renewable energy, and circular economy.