Ireland, Vietnam ramp up economic and trade links

Upon addressing the signing ceremony, Deputy Minister Tan said that the signing of the MoU will contribute to strengthening economic, trade, and energy co-operation, with the ultimate goal of enhancing bilateral trade ties in the field of goods and services in a balanced and sustainable manner, encouraging advanced investment and promoting innovation.

This can be seen as an important legal basis for the two sides to explore and identify specific pillars of bilateral economic and trade linkages moving forward, based on the common interests and comparative interests of each side, he added.

Agreeing with Deputy Minister Tan, Minister Burke emphasized that the MoU between the two ministries will help to support the connection of organizations, businesses, and state agencies in the fields of high technology and renewable energy which Ireland is keen to co-operate with Vietnam in, as well as ramping up co-operation, 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 represents 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 co-operative and friendly ties between both sides has recorded many important achievements and is being increasingly consolidated and strengthened across a variety of fields.

In terms of trade and economics, the trade turnover between the two countries has increased 2.5 times over just six years, despite the fluctuations in the global economy in recent times. Ireland represents the sixth largest trading partner and the second largest import market of Vietnam in the EU.

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 diplomatic ties.

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