Trade between Vietnam and Latvia reached 311.73 million USD in 2023, an increase of 33% from 2020, the year the EU-Vietnam Free Trade Agreement (EVFTA) came into effect, heard a recent webinar titled “Gateway to Vietnam.”
Trade between Vietnam and Latvia reached 311.73 million USD in 2023, an increase of 33% from 2020, the year the EU-Vietnam Free Trade Agreement (EVFTA) came into effect, heard a recent webinar titled “Gateway to Vietnam.”

The event was co-organised by the Vietnamese Embassy and Trade Office in Sweden and Northern Europe and the Latvian Chamber of Commerce and Industry (LCCI).

In his remarks, Vietnamese Ambassador Tran Van Tuan expressed pleasure with the coordination between relevant Vietnamese and Latvian agencies in planning the virtual seminar as well as the participation of a Latvian business delegation in the upcoming Global Sourcing Fair 2024 in Vietnam from April 24-26.

The diplomat said he is confident that the activities will enhance mutual understanding and put forth concrete measures to strengthen bilateral cooperation, bringing greater benefits to both sides.

Currently, Latvia stands as Vietnam’s largest economic partner in the Baltic region, while the latter is the former’s largest trading partner in the ASEAN region. Tremendous room remains for them to team up in various fields, particularly agro-forestry-fisheries, pharmaceuticals, education, science-technology, and labour.

However, despite the potential, Vietnamese goods are not widely present in Latvian distribution channels, and there are no major warehouses or supermarkets in the Northern European nation that import and distribute Vietnamese products. The main challenges include the considerable geographic distance and the lack of direct air or sea routes between the two countries.

Tuan suggested that as a first step, Vietnamese businesses could consider establishing warehouses and representative offices in Riga – the capital of Latvia – to better understand the Baltic market demands. They should increase participation in Latvia’s trade fairs and cultural-commercial events to promote Vietnamese products, he added.

He also called for the establishment of direct flight routes and maritime routes linking Vietnam’s airports and ports to those in Latvia and the Baltic region./.
VNA