On April 10, 2025, a significant step was taken in strengthening economic ties between Vietnam and Spain during the official visit of Spanish Prime Minister Pedro Sánchez. The Ministry of Industry and Trade of Vietnam, in collaboration with the Spanish Chamber of Commerce, the Spanish Institute for Foreign Trade (ICEX), and the Spanish Confederation of Business Organizations (CEOE), organized the Vietnam-Spain Business Forum in Ho Chi Minh City. This event attracted nearly 500 delegates, including over 100 Spanish businesses, marking a pivotal moment in the bilateral relations between the two nations.
During the forum, Deputy Minister of Industry and Trade Phan Thi Thang highlighted the historical significance of Spain as the first European country to establish a strategic partnership with Vietnam back in 2009. She emphasized that Spain has always been an essential partner for Vietnam both regionally and globally. The trade exchange between the two countries has seen continuous growth, reaching $4.7 billion in 2024, making Spain Vietnam's fifth-largest trading partner in the European Union (EU) and Vietnam the largest trading partner for Spain in the Association of Southeast Asian Nations (ASEAN).
However, Thang pointed out that the current economic, trade, and investment relations are still not commensurate with the potential and strengths of both countries. "The export-import turnover between Vietnam and Spain only accounts for 0.7% of Spain's total export-import turnover and 0.6% of Vietnam's total export-import turnover," she stated. Additionally, Spain ranks 46th among 147 countries and territories investing in Vietnam, indicating substantial room for growth in economic cooperation.
In her opening remarks, Thang expressed optimism that the forum would serve as a bridge to connect and strengthen trade and investment cooperation between Vietnam and Spain. She urged representatives from both countries to focus on enhancing collaboration in sectors where both sides have strengths and needs, including food processing, textiles, leather, mechanical engineering, transportation infrastructure, logistics services, tourism, renewable energy, and clean energy aimed at sustainable development.
Spanish Prime Minister Pedro Sánchez echoed Thang's sentiments, stating that there is ample room for comprehensive cooperation between Vietnam and Spain, spanning trade, investment, tourism, science and technology, and cultural exchanges. He underscored the necessity for both nations to act together to transform their potential into effective cooperative relationships that would contribute to the prosperity of both the EU and ASEAN regions.
"Vietnam is a dynamic and rapidly developing economy with a growth rate exceeding 7% in 2024. This is a figure not every country can achieve amid numerous challenges and uncertainties," Sánchez remarked. He expressed Spain's desire to become an active partner in Vietnam's goal of modernization and becoming a high-income country by 2050. With Spain's strengths in industry, energy, transport infrastructure, and particularly urban rail systems, Spanish companies are well-positioned to participate actively in Vietnam's strategic projects.
After nearly 50 years of diplomatic relations, cooperation between Vietnam and Spain has tightened, as evidenced by positive trade figures. In 2024, bilateral trade between Ho Chi Minh City and Spain reached nearly $412 million, with Spain currently holding 44 investment projects in the city, amounting to a total registered capital of $16.2 million. Bui Xuan Cuong, Deputy Chairman of the Ho Chi Minh City People's Committee, expressed confidence that the visit of Prime Minister Sánchez and a delegation of nearly 20 leading Spanish corporations would mark the beginning of a new chapter in trade and investment cooperation between the two countries.
Cuong noted that Ho Chi Minh City views Spain as one of its important trade and investment partners with significant potential for development. He emphasized that the forum would provide an opportunity for businesses from both nations to understand market conditions, exchange practical business solutions, and help Ho Chi Minh City enterprises develop products that meet the standards of the Spanish and European markets. This effort aims to effectively leverage the opportunities presented by the EU-Vietnam Free Trade Agreement (EVFTA) and further promote bilateral economic cooperation.
The Deputy Chairman also highlighted the importance of diversifying international cooperation, especially with partners possessing strong scientific and technological foundations and innovative ecosystems like Spain. He reiterated Ho Chi Minh City's commitment to improving the investment environment and facilitating Spanish and European businesses in expanding their presence in the city, contributing to building an efficient, flexible, and sustainable supply chain not only in Vietnam but across the ASEAN region.
As the world economy faces numerous unpredictable challenges, including geopolitical instability and climate change, the need for strong partnerships based on goodwill, mutual respect, and cooperative development has become more critical than ever. The Vietnam-Spain Business Forum serves as a crucial platform for both countries to explore and capitalize on their economic potentials, ensuring a prosperous future for both nations.
