NA Chairman urges Việt Nam, Armenia to strengthen economic ties

NA Chairman urges Việt Nam, Armenia to strengthen economic ties

National Assembly Chairman Trần Thanh Mẫn highlighted that economic cooperation is not merely about business benefits, but also serves as an important bond that connects the people of both countries.

National Assembly Chairman Trần Thanh Mẫn met representatives of Vietnamese and Armenian businesses in Yerevan, Armenia on Wednesday (local time). VNA/VNS Photo Doãn Tấn

National Assembly Chairman Trần Thanh Mẫn emphasised that the National Assembly and the Government of Việt Nam are committed to fostering a strong and mutually beneficial partnership, ensuring the most favourable conditions for Armenian businesses to invest and operate successfully, sustainably and for the long term in Việt Nam, while also encouraging Vietnamese enterprises to explore opportunities in Armenia.

He highlighted that economic cooperation is not merely about business benefits, but rather serves as an important bond that connects the people of both countries.

Speaking at the Việt Nam-Armenia Business Forum, which was held in Yerevan on Wednesday (local time), NA Chairman Mẫn stated that Việt Nam has become one of the 40 largest economies in the world. The country is also ranked among the top 20 global trading nations and holds the 32nd position in the list of the world's top 100 national brands in terms of value.

Additionally, Việt Nam has signed 17 free trade agreements with more than 60 countries.

Việt Nam’s GDP growth for the year is estimated to exceed seven per cent, making it one of the fastest-growing economies in the region and the world, while the country’s per capita income has now reached nearly US$4,700.

Foreign direct investment (FDI) attraction continues to be a major highlight of Việt Nam’s economy. In 2024, the country attracted nearly $38.23 billion in FDI, while actual FDI disbursement reached nearly $25.35 billion, marking a 9.4 per cent increase and a record-high disbursement to date.

To date, Việt Nam has successfully attracted more than 42,500 FDI projects with a total registered investment capital exceeding $507 billion from 149 countries and territories.

Regarding the investment environment, many foreign investors have chosen Việt Nam as a strategic production hub that connects with global supply chains. The country has particularly strengthened its position in key industries such as electronics, science and technology, innovation and semiconductors.

NA Chairman Mẫn stated that there remains significant untapped potential for cooperation between Việt Nam and Armenia, which should be further promoted and fully exploited.

According to the top legislator, both Việt Nam and Armenia have open economies in which exports play a vital role. Both countries have demonstrated strong adaptability to international trade principles.

Việt Nam’s participation in the Free Trade Agreement (FTA) with the Eurasian Economic Union, which includes Armenia, presents a great opportunity to further enhance economic and trade relations. This agreement is expected to help boost bilateral trade turnover and create new opportunities for both nations to deepen their economic ties.

To fully capitalise on the potential for cooperation, the NA Chairman outlined several directions.

On information technology and digital transformation, NA Chairman Mẫn noted that Armenia is recognised as the Silicon Valley of the region, with a robust information technology sector. Therefore, he encouraged businesses from both sides to collaborate in developing software, artificial intelligence and solutions for education, healthcare and smart urban management.

In agriculture and food processing, Việt Nam can provide tropical agricultural products such as coffee, cashew nuts and seafood, while Armenia can share its expertise in high-quality agricultural processing, particularly in wine production and dried fruits.

In renewable energy, both countries are committed to sustainable development. NA Chairman Mẫn proposed that businesses from both sides jointly research and invest in solar, wind and small hydropower projects, leveraging Armenia's advanced technology and Việt Nam’s abundant resources.

During the forum, NA Chairman Mẫn made several recommendations.

Firstly, both sides should actively create opportunities for Vietnamese and Armenian businesses to regularly engage to seek parnerships and explore investment opportunities.

The two countries need to enhance exchanges at all levels, particularly at the high level, to strengthen political trust and promote cooperation in potential areas.

He suggested that ministries, sectors, and associations play a key role as bridges to promote exchanges and cooperation, helping businesses collaborate more deeply and comprehensively, enhance competitiveness, jointly explore each other's markets and regions, and participate more actively in regional and global value chains and production networks.

The NA Chairman urged both governments to continue improving the business and investment environment, ensuring the most favourable conditions for businesses from both countries to strengthen cooperation and investment.

Finally, he encouraged the business communities of both countries to proactively connect, learn from one another, and share information to develop effective cooperation and investment plans. Additionally, they should support each other in exploring each other's market, as well as expanding into the ASEAN and Central Asian markets, which offer vast potential and opportunities. 

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