A wood factory in Vietnam. Wood products are among Vietnam's main exports to Latvia. (Photo: VNA) In 2021, bilateral trade increased2 percent year on year to around 240.7 million USD, with Vietnam exporting219.24 million USD and importing 21.46 million USD worth of goods, respectivelyup 4.4 percent and down 17.9 percent.
The trade turnover stood at66.7 million USD in the first quarter of 2022, statistics show.
Edmunds Valantis, StateSecretary at the Latvian Ministry of Economics, highlighted the greatstrides in bilateral relations over the past years, especially in the trade ofagro-fishery products, wood items, apparel, and footwear, noting that Vietnam’sparticipation in free trade agreements has positively affected their tradeties.
Latvia is the largest Baltic economicpartner of Vietnam, which in turn is also the biggest ASEAN partner of theEuropean nation, Phan Dang Duong, Vietnamese Ambassador to Sweden and Latvia,told the event being held on May 31 and June 1.
Vietnam wishes to furtherenhance partnerships with Latvia in economy, trade, investment, education -training, labour, and tourism, he said, stressing that with common efforts, newopportunities will be opened up for their enterprises to tighten links in allthe fields they are strong at after a two-year hiatus caused by the COVID-19pandemic.
Vietrade Director Vu Ba Phunoted the Ministry of Industry and Trade hopes to welcome a Latvian businessdelegation to come to seek cooperation chances, especially in digitaltransformation, artificial intelligence, information technology, and the woodindustry.
Latvia holds a strategicgeographical location for business activities between the EU and emergingmarkets situated to its east. It is like a gateway linking the US and the EUwith Asia and, especially, Russia.
Vietnam and Latvia boastsound cooperation over the three decades of their diplomatic ties, butbilateral trade remains modest, Phu pointed out.
He added Vietnam’s mainexports to this country include seafood, cashew nut, coffee, peppercorn,plastic products, bamboo, rattan and wood items, apparel, and footwear. Meanwhile,Latvia has sold rubber, wood products, textile - garment materials, machinery,and medicine to the Southeast Asian country./.
VNA
