Prime Minister Pham Minh Chinh (7th from left) attends Viet Nam-Poland Business Forum, Warsaw, Poland, January 17, 2025 - Photo: VGP

Participants included Minister of Development and Technology of Poland Krystof Paszyk and representatives of both sides' enterprises.

At the forum, delegates reviewed economic cooperation between the two countries, briefed about investment cooperation potentials, and put foward measures to promote economic, trade, and investment ties.

Over the past five years, especially after the EU-Viet Nam Free Trade Agreement (EVFTA) came into force, the trade value between Viet Nam and Poland has grown by nearly 40 percent per year.

Poland has become the most important trading partner of Viet Nam in Central and Eastern Europe, while Viet Nam is Poland's third-largest trading partner in Southeast Asia.

As of the end of October 2024, Poland ranked 21st out of 149 countries and territories investing in Viet Nam, with 32 valid investment projects worth US$473 million. Meanwhile, Viet Nam has invested in four projects in Poland, with total registered capital of US$1.84 million, mainly in the fields of services and processing industries.

In the near future, businesses from both countries will work together to build a sustainable supply chain, striving to raise the bilateral trade turnover to US$5 billion by 2030, as set by their senior leaders.

Addressing the event, Pham said cooperation mechanisms between the two countries have been established, particularly the EVFTA, while the EU-Viet Nam Investment Protection Agreement (EVIPA) is in the process of being ratified.

He expressed his hope that Viet Nam will play a bridging role in promoting and strengthening cooperation between Poland, the EU, and ASEAN.

Viet Nam supports Poland's participation in the Treaty of Amity and Cooperation (TAC), which was established in 1976 and embodies universal principles of peaceful coexistence and friendly cooperation among States in Southeast Asia. It is a legally-binding code for inter-state relations in the region and beyond, Pham affirmed.

Pham however said economic, trade, and investment relations between Viet Nam and Poland do not yet match the strong political and diplomatic ties.

He called on both sides' businesses to strengthen connections, engage in discussions, share experiences, and support each other's development. Meanwhile, the governments of both countries are responsible for addressing obstacles, improving mechanisms and policies, and playing a leading role in building trust for businesses.

Minister Paszyk, for his part, affirmed that Poland will support Viet Nam to expand its trade and investment markets.

Poland will soon ratify the EVIPA to create a new impetus for economic, trade, and investment cooperation between the two countries in the new era, he noted./.