HCM City will improve its business climate and create favourable conditions for foreign businesses, especially those from Slovenia, to invest in the city, said a city official.

Speaking at the Việt Nam-Slovenia business forum on Monday, Võ Văn Hoan, vice chairman of the People’s Committee, said the city will create optimal conditions for businesses of both sides to explore long-term partnership opportunities.

The EU-Vietnam Free Trade Agreement (EVFTA), which took effect in 2020, has opened up huge opportunities for Việt Nam to promote trade with the EU, including with Slovenia.

Both sides should enhance trade exchange activities and make full use of benefits from the trade pact by abiding by regulations on the origin of products, he said.

Commitments in the trade pact regarding tax reduction for Vietnamese and Slovenian products will help both sides expand market share in each country and other EU markets, he added.

The 100 million consumer market of Việt Nam could become a gateway for Slovenian investors to enter the 660 million-strong ASEAN market.

The city also wants to learn from Slovenia’s experience in building smart cities. Hoan called on Slovenian investors to invest in digital transformation projects in the city.

Slovenia is also a major partner of the city to develop the latter into a hub of economy, finance, commerce, and science and technology in the Southeast Asia region, he said.

Tanja Fajon, Deputy Prime Minister and Minister of Foreign Affairs of Slovenia, said Việt Nam is a promising market thanks to its political stability, affordable workforce and developed infrastructure system.

Both countries share ample room for collaboration in a range of fields such as water management, space-technology, seaports and logistics, among others, she said.

The two countries will sign a bilateral economic cooperation agreement in October, she revealed.

Slovenia has a long trade tradition, with an export oriented economy and companies that are firmly embedded in global supply chains, according to Fajon.

Việt Nam and Slovenia established diplomatic relations in 1994. Trade between Việt Nam and Slovenia has almost tripled from US$125 million in 2014 to $361 million in 2020.

Vietnamese exports to Slovenia were worth $440 million in 2021, according to the United Nations Comtrade database on international trade.

Viet Nam News