Belgian monarchs’ Vietnam visit to usher in new chapter for economic ties: diplomat

Belgian King Philippe and Queen Mathilde are accompanied by 34 CEOs of top corporations from Belgium and the EU during their ongoing five-day state visit to Vietnam, reflecting the European country’s wish to boost bilateral economic relations.

“This demonstrates Belgium's desire to strengthen existing cooperation foundations with Vietnam, while also exploring new collaboration opportunities in potential areas where Belgium has strengths and Vietnam has needs,” Deputy Minister of Foreign Affairs Le Thi Thu Hang told local media while being at Hanoi's Noi Bai International Airport to welcome the Belgian King and Queen on Monday.

The accompanying businesses mainly operate in sectors such as logistics, seaports, energy transition, climate change response, healthcare, and food, she added.

According to Hang, Belgium is Vietnam's sixth largest export market in the EU, while Vietnam is Belgium's biggest trade partner in ASEAN. Two-way trade reached $4.45 billion last year, up 15.9% from 2023.

At the end of 2024, Belgium had 100 investment projects in Vietnam, with total registered capital of $1.1 billion, spanning the marine transport, logistics, and renewable energy sectors.

With these numbers, Belgium ranks 23rd out of 139 countries and territories investing in Vietnam, and sixth out of 27 EU member states pouring cash into the Southeast Asian nation, she stated.

Belgium's investments are mainly in water supply and waste treatment sectors, with two projects totaling $409 million, accounting for 37.3% of total registered investment capital.

It is followed by real estate, with three projects valued at $372 million; and manufacturing and processing, with 25 projects worth $229.8 million.

The remaining projects cover sectors such as accommodation services, electricity distribution, air conditioning, agriculture, forestry, and fisheries.

Notably, Belgium's Antwerp–Zeebrugge port, the largest port in Europe, has contributed to increasing Vietnam's imports from and exports to the region through connectivity and trade operations.

In terms of investment destinations, Belgian investors have invested in 16 out of 63 provinces and cities in Vietnam. Leading the way is Hai Phong city with nine projects and total registered capital of $420 million, accounting for 38.3% of the total. Hanoi ranks second with 13 projects worth $321 million. Other notable locations include Quang Ngai, Phu Tho, Bac Ninh, and Binh Duong provinces.

Meanwhile, Vietnamese businesses have injected a total of $12.6 million into four projects in the manufacturing and processing industries in the European country, Hang noted.

Bringing Belgian logistics, energy strengths to Vietnam

Belgium has established a strong presence in Vietnam’s seaport and logistics sectors. DEEP C is an industrial zone and seaport complex developed and operated by Belgian investors in Hai Phong city and Quang Ninh province since 1997.

After more than two decades, the DEEP C system now comprises three industrial zones in Hai Phong and two in Quang Ninh, forming an industrial zone complex covering over 3,000 hectares in northern Vietnam’s infrastructure and production hub.

In a recent interview with American public broadcasting organization National Public Radio (NPR), Bruno Jaspaert, a Belgian entrepreneur and CEO of the DEEP C Industrial Zones, stated that from its establishment until 2018, the complex attracted tenants with approximately $1 billion in foreign direct investment (FDI). But since 2018, it has lured an additional $7 billion.

DEEP C is a pioneer in the green energy sector. In September 2023, DEEP C Green Energy (Vietnam) Co., Ltd. and Polarium Vietnam Co., Ltd. of Sweden signed a contract on the purchase of renewable energy certificates. Specifically, Polarium Vietnam will buy renewable energy certificates from DEEP C to become the first company in the DEEP C Industrial Zones to operate its facilities entirely with renewable energy.

Belgium not only plays a role as an investor but also acts as a "catalyst" driving foreign investment into Vietnam. Many Belgian companies are closely collaborating with Vietnam, especially in the hydrogen energy sector.

In May 2023, the leadership of Belgian group John Cockerill visited Vietnam to implement signed agreements and explore opportunities for expanding investments in other sectors, aiming to make Vietnam its key hub.

Welcoming Francois Michel, CEO of John Cockerill during this visit, Prime Minister Pham Minh Chinh suggested that the group consider long-term investments in Vietnam in renewable energy - a sector where the group has strengths and Vietnam has significant needs, especially in green hydrogen and biomass fuel production.

Belgian King Philippe and Queen Mathilde are visiting Vietnam from Monday to Friday, at the invitation of State President Luong Cuong and his spouse.

Vietnam and Belgium established diplomatic relations in 1973 and launched a strategic partnership framework in agriculture in 2018.