The event took place in the context that the two countries are seeking ways to make the most of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVPIA) is in the process of domestic ratification.

The event also aimed to explore challenges and ways to deal with them in order to boost the bilateral trade and investment, and share the Czech Republic’s experience in COVID-19 response to revive the economy.

It brought together policymakers and business leaders from both nations.

At the event, speakers focused their presentations on analysing impacts of COVID-19 on the global economy, including Vietnam and the Czech Republic, and how the EVFTA and EVIPA provide great opportunities to market access and trade of goods between Vietnam and the Czech Republic, a member of the EU.

The Czech Republic has acted as a gateway for Vietnamese goods to enter the EU market. Additionally, thanks to the EVFTA, the Vietnam-Czech Republic trade has steadily grown despite COVID-19 impacts, one of which has been disruptions in the global supply chain. The two-way trade reached 1.5 billion USD last year, up 22 percent from the previous year. It rose 28 percent year on year in the first half of 2021 to worth 936 million USD.

A number of Czech business leaders highly spoke of potential in trade and investment between the two countries, saying they want to explore trade opportunities with Vietnam, particularly in the areas which the Southeast Asian nation holds advantages of, including agriculture and fisheries products, garment and textile, and footwear.

The Czech side also showed interest in stepping up bilateral partnership in civil aviation, suggesting Vietnam and the Czech Republic should work together to train Vietnamese pilots and open more direct flights between the two countries.