01 Jul 2019
Vietnam and Poland are working to enhance their relations through Vietnam’s free trade agreement with the EU, it was revealed at a conference last week.
Bizhub reports that according to Pham Thiet Hoa, director of the Investment and Trade Promotion Centre of HCM City (ITPC), the two countries have a lot of potential to grow their trade and investment ties further.
He said that last year, their bilateral trade amount to almost US$1.6 billion, having increased 60% from the previous year – while Vietnam’s exports rose by 72% to nearly $1.33 billion.
Vietnam’s exports mainly consisted of electronics and equipment, footwear, textiles and agricultural goods while Poland boasted high exports in pharmaceuticals, animal products and cosmetics.
Piotr Harasimowiczm, chief representative officer of the Polish Investment and Trade Agency in HCM City (PAIH), said that Poland imports plenty of rice, fruits and oil products but rarely from Vietnam, where it could benefit from more of these necessities.
In fact, a lot of the rice Poland imports from Europe tends to originate from Vietnam and is instead sold to Poland in smaller packages through a third country, which could be entirely avoided.
On the other hand, Vietnam could also benefit significantly from what Poland has to offer.
Hoa revealed that the ITPC and PAIH signed a memorandum of understanding to boost co-operation between the two countries, allowing both parties access to information about one another’s market.
Harasimowicz pointed out that relations between the two countries had indeed improved but could do so further, and that Polish investors are eager to initiate digital applications in trade, education, health, and accommodation services in Vietnam.