The Diplomat
The president of CEOE International, Marta Blanco, met the new ambassador of Vietnam in Spain, Doan Thanh Song, in her office to analyse the current business relations between Spain and the Asian country.
Blanco explained to the ambassador the work that CEOE carries out both nationally and internationally, and after reviewing the latest activities held with his predecessor in office and identified possible lines of collaboration in the future.
The Vietnamese ambassador, for his part, highlighted the good trade relations that his country maintains not only with its neighbours, but also with the United States and the European Union. He also highlighted the country’s young and well-educated population, the rapid growth of its GDP and the expansion of its middle class as some of the key arguments for promoting business relations between Spain and Vietnam.
Marta Blanco and Doan Thanh Song agreed on the importance of foreign trade for both economies, the role of the EU-Vietnam Free Trade Agreement and the relevance of public-private collaboration, all of which are key elements in preparing a common strategy aimed at promoting business relations, both in the commercial sphere and to encourage investment in both economies.
Vietnam’s economy has shown strong growth in recent decades, averaging over 6.5% in the last ten years. However, GDP growth slowed down in 2020 and 2021, with 2.9% and 2.6% growth, respectively, as a result of the pandemic. Despite this, it was one of the best economic performers in the world during this period.
In 2022, Vietnam’s economy closed the year with a growth of 8%, according to data from the General Statistics Office, the highest growth in eleven years. The macro-economy remained stable, inflation was under control (3%) and incentives to encourage business investment were improved, which actively contributed to the recovery, according to CEOE.
Together with Malaysia and Singapore, Vietnam is the only state that has simultaneously signed three key trade agreements: the Trans-Pacific Partnership (TPP), the Association of Southeast Asian Nations (ASEAN) and the recent Regional Comprehensive Economic Partnership (RCEP), which includes, among others, Japan, China and South Korea.
In addition to these agreements, there is the bilateral trade agreement signed with the EU, a second-generation agreement covering various aspects, from goods and services to investment protection.
