At the Vietnam–Spain Business Forum, Deputy Minister Phan Thi Thang affirmed that both countries still have significant room to expand their economic, trade, and investment cooperation.
On the morning of April 10, 2025, on the occasion of the official visit to Vietnam by Spanish Prime Minister Pedro Sánchez, the Ministry of Industry and Trade (MOIT) organized the Vietnam–Spain Business Forum in Ho Chi Minh City.
Speaking at the forum, Deputy Minister of Industry and Trade Phan Thi Thang, on behalf of the Government of Vietnam, extended a warm welcome and expressed appreciation for the presence of Prime Minister Pedro Sánchez, as well as the representatives of agencies, organizations, associations, and enterprises from both Spain and Vietnam.
Strengthening a Strategic Partnership
Deputy Minister Phan Thi Thang emphasized that Spain was the first European country to establish a strategic partnership with Vietnam in 2009, and has since remained one of Vietnam’s key partners in the region and globally.
“Trade exchanges between the two countries have continuously grown over the years, reaching USD 4.7 billion in 2024, making Spain Vietnam’s fifth-largest trading partner within the EU, while Vietnam is Spain’s largest trading partner in ASEAN,” Thang noted.
Despite these achievements, she added that bilateral trade and investment remain below potential, as Vietnam–Spain trade represents only 0.7% of Spain’s total foreign trade and 0.6% of Vietnam’s total import–export turnover.
Spain’s investment in Vietnam is still modest, ranking 46th out of 147 countries and territories investing in Vietnam — signaling vast untapped potential for economic and trade cooperation.
Four Reasons for Stronger Vietnam–Spain Economic Cooperation
1. Complementary Economic Strengths
Vietnam — the third-largest economy in ASEAN and 32nd globally — ranks among the top 20 trading nations and top 15 FDI destinations worldwide.
With its stable political environment, strong growth, and competitive production costs, Vietnam remains a promising destination for Spanish investors.
Meanwhile, Spain’s strengths in renewable energy, materials, technology, and logistics make it a valuable partner in optimizing global supply chains for Vietnamese enterprises.
2. EVFTA – A Powerful Trade Catalyst
The EU–Vietnam Free Trade Agreement (EVFTA), which eliminates nearly 100% of tariffs within 7–10 years, serves as a powerful driver for trade growth between Vietnam and Spain, helping both countries expand their export markets and strengthen value chains.
3. Strategic Geographic Advantage
Both countries occupy gateway positions between two of the world’s most dynamic economic regions — Asia and Europe.
Vietnamese goods exported to Spain can access the EU’s 500 million consumers, while Spanish investors in Vietnam can reach the ASEAN market of 700 million, along with nearly 6 billion consumers across 17 free trade agreements that Vietnam has joined.
4. Institutional Cooperation Framework
Vietnam and Spain are jointly preparing for the first session of the Joint Committee on Economic, Trade, and Investment Cooperation, which will serve as an essential mechanism for both sides to review progress, identify priorities, and create favorable conditions for business collaboration and investment expansion.