Belgium, Vietnam Strengthening Trade and Investment Cooperation Written by dsiconstruction
Category: Investment Published Date Hits: 8346

The Kingdom of Belgium is now the sixth largest trade partner of Vietnam in Europe. The bilateral trade turnover has risen 70 percent since 2003. This outcome will be the foundation for two countries to further strengthen trade and investment cooperation in the future.
Thriving trade - investment relations
Bilateral economic relations between Belgium and Vietnam have been fostered in the past decade thanks to good economic performances of Vietnam and an increasing focus on international markets among Belgian companies.
Belgium is Vietnam's sixth largest trading partner in Europe. The current two-way trade turnover is about EUR1.2 billion a year. Increasing annual trading revenue shows better trade cooperation ties. Key traded commodities include chemicals, machinery, iron, apparels, footwear, and agricultural products. Vietnam was the 70th trade partner of Belgium, with its major exports to the European nation being chemicals (21.8 percent in 2011), machinery (16.6 percent in 2011) and base metals (16.2 percent in 2011). For its part, Belgium exports fruit and vegetable products, gems and precious metals, plastic and optical instruments. Key products imported by Belgium are leather shoes and hats (24.1 percent in 2011), garments - textiles (12.7 percent in 2011) and vegetables (15.1 percent in 2011). In addition, Belgium also imports animal-originated products, hides and tanned leather.
On investment, according to the latest statistics, Belgium ranked 35th among foreign investors in Vietnam, with EUR98 million and some 40 projects. Some projects, invested by Belgium are in the name of other countries, mostly in Asia. Belgian companies are strong at port and transportation business, diamond industry, coffee and other agricultural products.
Belgian businesses interested in potential fields in Vietnam
In general, Belgian investment projects in Vietnam work well. The exemplary project is the Haiphong City-based Dinh Vu Industrial Zone (DVIZ). This is the largest investment project of Belgium in Vietnam and is considered a good socio - economic contributor to Haiphong City. In addition, a small Belgian company invested in a coffee forwarding project that helps carry 80 percent of Vietnamese exports to Europe through the Port of Antwerp in Belgium. This is also an important contribution of a small and medium-sized business to increase the value of Vietnamese coffee and cacao. Belgium and Vietnam are also cooperating in the space industry. Accordingly, the European nation supplies a small high-tech satellite for Vietnam. The presence of Belgian banks in Vietnam plays an important role in financing Belgian business activities in Vietnam.
Belgian businesses potentially invest in agro-processing, urban infrastructure (wastewater and waste treatment), maritime (dredging), logistics and forwarding, and green technology. Vietnam is exporting more of its products to the European market via seaports and airports of Belgium. This allows Belgium to consolidate its position as the "centre of logistics and warehousing", particularly for processed agricultural products. Belgian businesses can also provide technological know-how in the medical field. In addition, training institutions (universities and vocational training units) can provide overseas training programmes for Vietnamese students.
Currently, the cooperation between Belgian and Vietnamese provinces is also very developed. For example, East Flanders province of Belgium and Da Lat City of Vietnam set up cooperation in floriculture and ornamental plant development. East Flanders province and Can Tho City cooperate in aquaculture, especially catfish farming. Namur province of Belgium and Thua Thien - Hue province cooperate in urban planning and waste management. Brabant Wallon province and Phu Tho province collaborate in heritage conservation. The Port of Antwerp also cooperates with the ports of Haiphong and Ho Chi Minh City of Vietnam.
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