Vietnam and the Czech Republic businesses seeking investment opportunities in agriculture

On March 20, the Business Forum on Czech Agricultural Sector was held in Hanoi with the participation of many businesses from both countries in various fields such as livestock, beverages, etc.

Deputy Minister of the Ministry of Agriculture and Rural Development Nguyen Quoc Tri, stated that Vietnam's agriculture sector is undergoing significant transformation, shifting from a production mindset to an economic mindset, from single-sector development to cooperation, and from single-value chains to promoting multi-value integration in agricultural, forestry, and aquatic products. The aim is to create "green values" to produce high-value products based on efficient exploitation of scientific and technological resources, innovation, digital transformation, and shifting from agricultural supply chains to developing industry chains, connecting with global food chains.

Accordingly, the Czech Republic, with its advanced scientific and technical level and experience in agricultural production and processing, can invest in and transfer technology in processing, trading agricultural, forestry, and aquatic products, animal husbandry products, veterinary drugs, etc. These are also areas where both sides have many strengths that can complement and support each other in mutual development.

"Vietnam is increasingly deeply integrated into the world economy, having participated in 16 new-generation free trade agreements with over 60 countries and territories, with over 90% of tariff lines scheduled to be cut to 0%. This is a significant advantage for investors when investing and doing business in Vietnam, and it is a good opportunity for businesses from both sides to connect, exchange information, and move towards promoting the signing of cooperation agreements, joint ventures, partnerships, in trade and investment for mutual benefit," Deputy Minister Nguyen Quoc Tri emphasized.

The Ministry of Agriculture and Rural Development commits to supporting and creating favorable conditions to promote business, trade, and investment relations of Czech businesses in line with the laws and the Vietnamese government's policy of opening up and international economic integration.

The Minister of Agriculture of the Czech Republic Marek Výborný, highlighted the strong development of agricultural trade between the Czech Republic and Vietnam, which provides a basis for further expanding and developing bilateral cooperation.

Minister Výborný emphasized the close relationship between agricultural production and food production, which is one of the traditional sectors of the Czech economy. Many Czech products, such as beer, barley, dairy and meat products, confectionery, bread and pastry, food additives, high-quality farm animal breeds, and genetic materials exploited from livestock, are exported worldwide.

During his visits, Mr. Výborný observed that Vietnamese counterparts expressed their interest in penetrating the Czech market and showed interest in traditional sectors such as beer, meat, spirits, confectionery, agricultural technology, food industry, livestock technology, and pharmaceuticals in the veterinary industry.

"In terms of trade between the Czech Republic and Vietnam, agricultural trade has been increasingly developing in recent years, and I believe that there is still a lot of potential for further expanding and developing bilateral cooperation," Minister Výborný expressed his expectation.

Regarding the potential for connection and cooperation between businesses from both sides, Jana Havrdová, Vice President of the Czech Chamber of Commerce, mentioned that they introduced 25 leading companies from the Czech Republic at the forum, especially in the fields of beer production, dairy and meat processing, food and agricultural technology, agricultural inputs, and food and beverage.

Reflecting on the feedback from the participating businesses, Ms. Havrdová stated that the Czech business community recognizes significant potential in the cooperative relationship between Vietnam and the Czech Republic. Their participation in the forum aims to seek opportunities for understanding, cooperation, and investment alongside Vietnamese businesses.

The total trade turnover between the two countries reached 2.7 billion USD in 2023. However, the bilateral agricultural export turnover still accounts for a relatively small proportion.

Vietnam, with its favorable geographical conditions, open policies, and improving investment and business environment, has been providing many new opportunities and conveniences for investors, especially in the agriculture and rural sectors. Vietnam possesses significant advantages and potential in developing tropical agriculture, as well as ample room for commercial cooperation and investment in the agricultural sector. Vietnam's consistent policies always aim to create favorable conditions and an open environment for foreign investors, including those from the Czech Republic.