Vietnam and Belgium to expand trade and investment projects

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On October 24, the Ministries of Foreign Affairs of Vietnam and Belgium inform that the two sides have agreed on the Joint Statement on the outcome of the official visit to the Kingdom of Belgium by Party General Secretary and State President To Lam.

Against the backdrop of positive ongoing developments in Vietnam–European Union (EU) and Belgium–ASEAN relations, and the elevation of Vietnam–EU ties to a Comprehensive Strategic Partnership, Vietnam and Belgium reaffirmed their commitment to deepening bilateral cooperation across all areas, with a view to elevating Vietnam–Belgium relations to a Strategic Partnership at an opportune time.

According to the Joint Statement, the two sides recognised the strong complementarity between their economies and the considerable potential for cooperation, particularly in the fields that match the priorities and respective strengths of Vietnam and Belgium.

This includes services, finance, research and development (R&D), agro-ecological transition, environmental protection, higher education, innovation, eco-friendly industries, multimodal logistics, shipbuilding technology, high-tech, port management, (renewable) energy, critical raw materials, semiconductors, biotech, healthcare, the pharmaceutical industry, and transport.

The two sides agreed to ensure full and effective implementation of the EU–Vietnam Free Trade Agreement to better harness the opportunities it offered. Vietnam welcomed the progress made by Belgium in the ratification of the EU–Vietnam Investment Protection Agreement. Both sides emphasise the importance of international labour standards of the International Labour Organization and of implementing them effectively.

Vietnam welcomed long-term investments by Belgian enterprises in sectors that combined Belgium’s expertise with Vietnam’s investment priorities, including semiconductors, eco-industrial parks, seaports, logistics, shipbuilding, high-tech agriculture, clean energy, and healthcare-pharmaceuticals. Belgium and Vietnam encourage competent authorities, agencies and enterprises of both countries to facilitate and accelerate cooperation.

Priority is also given to make effective use of existing cooperation mechanisms while perfecting legal frameworks to foster better conditions for bilateral economic and investment cooperation. This is coupled with intensifying trade, investment, and tourism promotion to deepen mutual understanding. Businesses from both countries are encouraged and facilitated to invest in each other’s markets.

Furthermore, the two sides agreed to strengthen coordination in combating illegal, unreported, and unregulated fishing, boosting sustainable fisheries management, and ensuring effective implementation of relevant EU regulations.

Commitments are made to advancing cooperation in science, technology, research, innovation, and enhancing technical exchanges.

The two sides encouraged joint R&D and application of strategic technologies, including safe, trustworthy, and responsible AI, semiconductor technology, microelectronics, cloud computing.

The Ministries of Foreign Affairs of Vietnam and Belgium, in accordance with their respective constitutional frameworks, will continue to support the follow-up and implementation of the priorities identified during the visit and boost cooperation.

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