Information on prospects for economic and investment cooperation between Vietnamese and Czech firms, and business opportunities in Vietnam offered by the EU-Vietnam Free Trade Agreement (EVFTA), were discussed at a workshop in Prague on October 25.

Participants at the workshop 

In his opening remark, Vietnamese Ambassador to the Czech Republic Ho Minh Tuan highlighted the significance of the event, saying that it aims to encourage enterprises of the two nations to fully tap benefits brought by the EVFTA and the EU-Vietnam Investment Protection Agreement (IPA) not only in tariff reduction but also in removal of non-tariff barriers and measures to facilitate trade and investment committed by the involved parties in the two agreements.

Lucie Vondrackova, Director of the Department of Trade Policy and International Economic Organisations under the Czech Ministry of Industry and Trade, said the EVFTA brings great benefits to both EU and Vietnam, including the Czech Republic.

The trade pact is based on international standards, trade liberalisation, effective removal of non-tariff barriers and sustainable development, she said.

For the Czech Republic, the EVFTA will help remove an average tariff of about 6 percent for exports and 5 percent for imports, while open an opportunity for Czech businesses to approach the Vietnamese market, including public procurement services, she stressed.

Participants also focused their discussions on the agreements, especially deep analysis related to supporting export, and cooperation in civil aviation training and logistics between the two nations’ enterprises.

They agreed that the EVFTA and IPA will help open cooperation opportunities between Vietnamese and Czech companies in the coming time when they are approved by the European Parliament.