Hanoi (VNA) – With good friendship and mutualtrust, Vietnam and Latvia hold enormous potential and room for promotingbilateral trade and investment, particularly in such spheres as informationtechnology, agro-forestry-fisheries, pharmaceutical, wood processing, andlabour, a diplomat has said.

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

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

These conditions are conducive to investment and businessactivities of foreign enterprises, including Latvian firms, he said, notingthat Vietnam is currently attracting great attention from international enterprisesin their supply and production chain diversification strategies.

Tuan suggested theVietnamese enterprises planning to enter Latvia or expand operations here consideropening warehouses or representative offices in Riga to learn about theentire Baltic market’s demand for Vietnamese goods. They should take part inmore exhibitions, fairs, and cultural and trading events in Latvia to advertiseVietnamese products.
         
He also provided Latvian enterprises with information on the Vietnamesemarket and demand, along with the Government’s policies for facilitating foreigninvestments.

Latvia also has demand for skilled workers, especially insuch sectors as information technology, health care, and aquatic productprocessing, which is a good opportunity for labour export to this country, thediplomat went on.

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

Kristaps Strelis, an LCCI representative inVietnam, said Vietnam has much economic, trade, investment, and tourismpotential, workforce advantages, as well as open economic relations withcountries around the world.
         
He highly valued the Southeast Asian country’sdevelopment future and suggested Latvian enterprises study its business cultureto secure success when operating in Vietnam.

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

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