Vietnam – Czech Republic: Strengthening Trade and Investment Cooperation 2024-2025
Import-export services between Vietnam and the Czech Republic have recorded impressive results as the two countries celebrate 75 years of diplomatic relations. According to official figures, bilateral trade turnover reached $2.9 billion in 2023, up 19% compared to 2022, and is expected to reach $3.8 billion in 2024, up 28%. These results reflect “beyond expectation” development in bilateral trade relations. #Vietnam Freight forwarder #international shipping companies #freight and logistics companies #freight and logistics services
International shipping services played a crucial role with trade turnover reaching $1.8 billion in the first 11 months of 2024, including $1.6 billion in exports and $207 million in imports. Maritime shipping focused on key products such as footwear, garments, seafood, electronics, computers, and components. Notably, the Czech Republic has become Vietnam’s leading trading partner in Central-Eastern Europe. #Vietnam Freight forwarder #international shipping companies #freight and logistics companies #freight and logistics services
Footwear, garments… are Vietnam’s key export items to the Czech Republic
Export services and export entrustment benefited when the Czech Republic became the first EU country to ratify EVIPA. Forwarding companies actively supported businesses in leveraging EVFTA preferences, helping the Czech Republic become an important gateway for Vietnamese goods into the Visegrad and Eastern European markets.
Logistics transportation effectively supported 41 direct investment projects from the Czech Republic in Vietnam with total capital of $92.39 million. Notably, investors from 7 Czech industries have invested nearly half a billion dollars in power infrastructure, owning the largest BOT power plant in Northern Vietnam. #Vietnam Freight forwarder
Import services and import entrustment focused on high-tech products from the Czech Republic such as machinery, automobiles, industrial and defense equipment. The two countries agreed on 5 key cooperation directions: automotive industry, sustainable energy, mining, transportation, and oil refining. #Vietnam Freight forwarder #international shipping companies
However, according to Minister of Industry and Trade Nguyen Hong Dien, economic-trade cooperation between the two countries remains modest compared to potential. Bilateral trade turnover accounts for only a small proportion of both countries’ total foreign trade, with a narrow commodity structure. #Vietnam Freight forwarder #international shipping companies
To promote cooperation in the coming time, international shipping services will focus on supporting businesses from both countries in trade promotion activities and exhibition participation. Meanwhile, logistics transportation will be upgraded to meet the development needs of supporting industries, new materials, and renewable energy.
With Vietnam’s strengths in large domestic market and young workforce, combined with Czech’s advanced technology foundation, import-export services between the two countries are expected to continue strong growth in coming years, contributing to promoting comprehensive cooperation between the two countries. #Vietnam Freight forwarder #freight and logistics companies #freight and logistics services #Vietnam Freight forwarder #international shipping companies #freight and logistics companies #freight and logistics services
