The two countries have seen the expansion of bilateral relations in a wide range of fields, including economic cooperation and trade. Vietnam is Latvia’s largest trading partner in Southeast Asia, while Latvia is Vietnam’s top trading partner in the Baltic region. Last year, bilateral trade reached an estimated US$166 million, tenfold that of 2010.
In the context of the recently inked EU-Vietnam Free Trade Agreement (EVFTA) to take effect in the near future, Vietnam and Latvia wish to increase investment and business cooperation in order to raise bilateral trade.
According to VCCI Vice Chairman Doan Duy Khuong, to promote economic cooperation and bilateral trade, the two countries need to provide businesses with information about the markets, mechanisms and policies as well as the business and investment environment.
Addressing forum participants, Minister Edgars Rinkevics emphasized that Latvia supports free trade and the signing of the EVFTA, which, he believes, will help boost economic growth of both sides. Vietnam is one of the world’s fastest growing economies. In the EU, the Latvian economy is also developing rapidly and on a stable basis, ranking 20th in size and 19th in terms of ease of doing business among 190 economies, according to World Bank 2019 ratings. Latvia is also one of the few countries applying a zero-percent corporate income tax. Its development experiences will help Vietnam accelerate economic growth.
“Vietnam is Latvia’s largest partner in ASEAN. We wish to further expand our cooperation with Vietnam and other ASEAN countries,” Minister Edgars Rinkevics said.
At the joint business forum held in Hanoi last month, Latvian companies in the fields of information technology,
pharmaceuticals, training, wood and chemicals exchanged information and discussed cooperation opportunities with
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