Hanoi has been promoting trade and closer cooperation with other countries, creating favorable conditions for local enterprises to enhance competitiveness and further integrate into global economy.

Enterprises from Vietnam and Poland in search of investment cooperation.

This was proven at a recent forum promoting economic cooperation between Vietnam and Poland, which was jointly held by the Hanoi Small and Medium Enterprises Association (Hanoisme) and Poland’s Lower Silesian Agency for Economic Cooperation (DAWG).

Throughout this forum, six Polish enterprises and 51 local peers explored business cooperation and potential for further trade activities.

Robert Iwan, vice president of DAWG, said the potential for cooperation between enterprises from Vietnam and Poland remains huge, with both countries being major producers and exporters in agriculture. 

Moreover, the Poland’s market is highly complementary with Vietnam’s. The upcoming EU-Vietnam Free Trade Agreement (EVFTA) would help boost bilateral cooperation in trade and economy in the coming time, said Iwan. 

According to Iwan, Polish enterprises taking part in the forum are looking for local partners in the fields of agriculture, food, tourism, furniture and cosmetics, which are advantages of both Vietnam and Poland. 

Hanoisme’s Vice President cum General Secretary Mac Quoc Anh said Hanoi gives priority to investments in the fields of hi-tech farming and renewable energy towards sustainable development.

Anh said this direction offers opportunity for Polish enterprises to push for greater investment in Hanoi, adding that a greater linkage with foreign companies would help the two business communities have more understandings of each other’s market, trade and investment policies.

As of October, Poland has eight ongoing projects in Hanoi with registered capital of US$134.83 million, focusing on real estate, manufacturing and processing, telecommunications, among others.

In 2018, bilateral trade turnover reached nearly US$1.6 billion, up 60% year-on-year. Between January and September, the figure hit over US$1.3 billion, of which Vietnam’s exports were estimated at US$1.1 billion and imports at US$207 million. Of the this amount, Hanoi made up 2.5% of Vietnam’s exports to Poland, while the city's imports from Poland accounted for 26% of Poland's exports to Vietnam.

According to Tran Thi Phuong Lan, vice director of Hanoi’s Department of Industry and Trade, Hanoi’s key export products to Poland include textile and garment, agricultural products, handicrafts, footwear, while the European country has advantages of pharmaceuticals, livestock-related products, those that Hanoi has huge demand for. 

Lan said Polish enterprises could support Hanoi’s partners in terms of technology and technical aspects, developing value chains for greater spillover effects of technologies. 

The move would help Hanoi’s enterprises improve product quality and meet high demands of the Polish and EU markets.