Spanish Chamber of Commerce sets up shop in Vietnam

The Spanish Chamber of Commerce in Vietnam (SCCV) was launched in Hanoi on Friday, marking a milestone in the economic ties between the two countries.

Previously, the agency started operation in Vietnam from 2018 as a unit of EuroCham.

Speaking at the launching ceremony, Spanish Ambassador to Vietnam Pilar Mendez Jimenez highlighted the two countries should enhance the network of businesspeople as both Asia and Europe play a key part in the global stability.

The SCCV and EuroCham strive to boost economic ties and global peace and stability, the diplomat added.

SCCV chairman Javier Mendez Repiso noted the Spanish business community can aid Vietnamese partners in the technology, research & development, information technology, production, and hospitality sectors. The SCCV also seeks to improve the relations between its 50 members and Vietnamese partners.

Two-way trade grew 13% year-on-year to $3.54 billion in 2022, of which Vietnam’s export to Spain reached $2.96 billion, up 16.34% year-on-year, according to the former's Ministry of Industry and Trade.

As of April 20, Spain’s registered direct investments in Vietnam hit $143.69 million in 91 projects, the 46th-highest among all countries and territories with investments in Vietnam, the Ministry of Planning and Investment reported.

The two countries eye to raise their bilateral trade to $5 billion in the next 2-3 years, Prime Minister Pham Minh Chinh said at a meeting with his Spanish counterpart Pedro Sanchez Castejon on the sidelines of the EU-ASEAN commemorative summit in Brussels, Belgium in December 2022.

Deputy Prime Minister Tran Luu Quang visited Spain on March 1-3 at the invitation of his Spanish counterpart Nadia Calvino. At the meeting between the two deputy PMs, Quang proposed Spain facilitate the export of fisheries from Vietnam to Spain and the EU and encouraged Spanish businesses to invest more in Vietnam, particularly in sectors of infrastructure, renewable energy, transport, and IT.