Party General Secretary and State President Tô Lâm called for Vietnam and Ireland to boost their bilateral trade turnover to $5 billion by 2026. Speaking during a meeting with Irish business leaders on Thursday, Lâm emphasized expanding economic ties as part of his official visit to Ireland from October 1 to 3.
Lâm congratulated Irish companies for their successful investments in Vietnam, particularly in agriculture, healthcare, energy transition, low-carbon energy, and biotechnology. He noted that these sectors align with Vietnam’s development priorities. He expressed hope that Irish investments would continue to grow, adding to the current 41 projects in Vietnam, valued at $60.8 million.
“Bilateral trade turnover between our countries has increased 2.5 times over the last six years, despite disruptions in the global economy.” Lâm said. “Ireland is Vietnam’s sixth-largest trade partner and its second-largest export market within the European Union.” He added that reaching a trade turnover of $5 billion by 2026 would mark the 30th anniversary of diplomatic relations between the two countries.
Lâm highlighted that Vietnam is entering a new era of development focused on leveraging assets from the Fourth Industrial Revolution, such as technology, innovation, and a highly skilled workforce, to transform its growth model and reshape the economy. He pointed to the digital economy, green economy, circular economy, and knowledge economy as priorities for future investment.
He encouraged more Irish businesses to invest in Vietnam in these fields, assuring them of the support and openness of the Vietnamese Government. Lâm underscored that the presence of Irish businesses in Vietnam would help produce goods for both the domestic market and for export to other European countries, leveraging Vietnam’s participation in multiple free trade agreements.
Lâm stressed that Vietnam is committed to creating favorable conditions for foreign investors, including Irish companies, and that Vietnamese authorities are ready to provide support. He also expressed hope that Irish companies would assist Vietnamese businesses in joining the global value chain and engage in investments focused on efficiency, sustainability, and social responsibility, with an emphasis on environmental protection.
“With the joint efforts of both sides, we will continue to achieve greater success in the future, aiming together for stable, prosperous, and sustainable development between the two countries,” Lâm said.
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