Vietnamese Ambassador to Sweden and Latvia Tran Van Tuan made the remark while speaking at a webinar held in coordination with the Latvian Chamber of Commerce and Industry (LCCI) on April 9 to introduce Vietnam’s investment and business environment to Latvian enterprises.

Addressing representatives of about 50 businesses from both countries, he said Vietnam boasts political stability and a dynamic market while having signed many free trade agreements (FTAs), including the one with the EU (EVFTA).

These conditions are conducive to investment and business activities of foreign enterprises, including Latvian firms, he said, noting that Vietnam is currently attracting great attention from international enterprises in their supply and production chain diversification strategies.

Vietnamese Ambassador to Sweden and Latvia Tran Van Tuan speaks at the webinar on April 9. (Photo: VNA)

Tuan suggested the Vietnamese enterprises planning to enter Latvia or expand operations here consider opening warehouses or representative offices in Riga to learn about the entire Baltic market’s demand for Vietnamese goods. They should take part in more exhibitions, fairs, and cultural and trading events in Latvia to advertise Vietnamese products.

He also provided Latvian enterprises with information on the Vietnamese market and demand, along with the Government’s policies for facilitating foreign investments.

Latvia also has demand for skilled workers, especially in such sectors as information technology, health care, and aquatic product processing, which is a good opportunity for labour export to this country, the diplomat went on.

To further boost economic, trade, and investment ties, he also recommended authorities and transport businesses of Vietnam open direct air and maritime shipping routes to Latvia as well as Northern Europe and the Baltic Sea region.

Kristaps Strelis, an LCCI representative in Vietnam, said Vietnam has much economic, trade, investment, and tourism potential, workforce advantages, as well as open economic relations with countries around the world.

He highly valued the Southeast Asian country’s development future and suggested Latvian enterprises study its business culture to secure success when operating in Vietnam.

A representative of Fertilizer Group noted Vietnam is among the countries grabbing this Latvian company’s interest as the firm is moving to expand operations to Asia. The group finds considerable potential in the Vietnamese market and is exploring new opportunities here.

The Trade Office of Vietnam and the LCCI are expected to arrange a delegation of some Latvian enterprises for a visit to Vietnam this June to attend the Vietnam Sourcing Expo 2024 in Ho Chi Minh City and learn about the local investment and business climate.