Hanoi (VNA) — Vietnam and Azerbaijan are working to enhance their economic ties through new initiative𝓡s aimed at developing their innovation ecosystems and fostering bilateral investment, especially in the digital economy.

This was highlighted at the Vietnam-Azerbaijan Business Forum 2025, held in Hanoi on July 16 as part of the Global National Entrepreneurship Forum, bringing together business leaders, investors, and officials to discuss strategies for sustainable growth amid digital transformation and globalisation. The event focused on strengthening bilateral cooperation in logistics, energy, technology, e-commerce, healthcare, and education. It also aimed to formalise strategic partnerships, improve legal frameworks, and connect resources among government agencies, enterprises, and startup support organisations from both countries. Notably, models like “E-SME House” were introduced to support national startup ecosystems, alongside plans for an annual Vietnam-Azerbaijan Startup and Investment Forum to serve as a strategic dialogue platform. Vietnam’s Deputy Minister of Industry and Trade Nguyen Hoang Long expressed optimism about the growing economic partnership, noting that bilateral trade exceeded 100 million USD in the first quarter of this year, with significant potential for expansion. Vietnam’s strengths in exports of processed goods and high-quality agricultural products could complement Azerbaijan’s market. Meanwhile, Azerbaijan’s energy sector, including oil and renewable energy projects, remains a key area of collaboration, with recent agreements to explore joint oil and gas activities. Both nations also agreed to boost cooperation in transportation infrastructure, including rail, road, air, and maritime links, leveraging the Caspian Sea route for enhanced connectivity. Azerbaijan’s ongoing economic diversification efforts and attractive investment environment, exemplified by free zones and industrial parks, further support this partnership. The forum underscored the importance of international cooperation in innovation and technology, with Azerbaijan’s recent MoU on digital development aligning with Vietnam’s digital ecosystem goals. The event marks a significant step in Vietnam’s strategy to expand its global innovation footprint, fostering stronger economic and technological ties with Azerbaijan in the years ahead./.