Vietnam and Slovakia strengthen ties

During Slovak Prime Minister Robert Fico’s official visit to Vietnam last week, a series of co-operation deals were signed in the sectors of transport, information and communications technology (ICT), investment, and education.

Vietnam’s telecommunications giant VNPT and Slovakia’s financial investment firm Slavia Capital Services (SCS) clinched a co-operation deal, with VNPT expanding its business to the Eastern European nation.

SCS will introduce Slovakian partners to VNPT. The partners will provide VNPT with technological solutions, especially in the sectors of e-government, natural resources and environment, health care, and social insurance.

The deal between VNPT and SCS is among several other deals signed between Vietnamese firms and 10 Slovakian ICT firms. 18 Slovakian firms accompanied Prime Minister Fico on his visit to Vietnam.

Two months ago, Vietnamese born Le Hong Quang, a special consultant to Prime Minister Fico, worked with Vietnam’s Ministry of Information and Communications and invited Viettel, MobiFone, and VNPT to invest in Slovakia’s ICT projects.

Currently, FPT is the only Vietnamese company operating in Slovakia. In 2014, FPT Software acquired RWE IT Slovakia and renamed the firm FPT Slovakia, with 100 per cent of the capital of FPT Software.

In another case, Bank for Investment and Development of Vietnam together with Slovakia National Bank will finance $500 million for a project to build a depot and an oil-conducting pipe at Hon La port in the central province of Quang Binh, which is connected with Laos’ Kham Muon province. Licensed in February 2015, this project is also invested in by the Laos Petro Joint Stock Company.

Vietnam is now home to five Slovakian investment projects, with the total registered investment capital of $235 million.

Currently, a Slovak investor is planning to build a major factory in the central province of Nghe An, to manufacture light-emitting diodes (LED’s), and will implement a project to replace the province’s public lighting system with an LED system.

The leaders of Vietnam and Slovakia have agreed the two nations will expand co-operation in the sectors of trade, investment, education and training, culture, tourism, law, and science and technology.

Deputy Prime Minister Vuong Dinh Hue called for more Slovakian investors to look into Vietnam. “We stand ready to create favourable conditions to welcome Slovakian investors and goods into Vietnam, especially in the sectors of electronics, pharmaceuticals, energy, information and technology, and agriculture.”

“We also expect Slovakia to open its doors for Vietnamese products including textiles and garments, footwear, and electronic and agricultural products,” he said.

The two countries’ bilateral trade turnover reached $294 million last year.

In order for the two nations to increase investment and trade co-operation, the Slovakian prime minister suggested that the two nations should make a list of prioritised investment projects which would be supervised and implemented in a suitable manner.

“We have proposed the launch of a special governmental meeting in order to exclusively focus on our relationship with Vietnam and review all projects currently under implementation,” Fico stressed.