The agreement was signed at the Viet Nam – Greek Business Forum, which attracted representatives from Vietnamese businesses and 16 leading Greek groups in the fields of food, olive oil production, garments and textiles, real estate investment, energy, electricity and lighting.

Speaking at the forum, Greek Deputy Foreign Minister Terens-Nikolaos Quick said Viet Nam and Greece had actively co-operated and supported each other at regional and international multilateral forums such as UN, Asia-Europe Meeting (ASEM) and the ASEAN-EU.

He said Greece was one of earliest countries to ratify the EU-Viet Nam Partnership and Co-operation Agreement (PCA) and supported the early adoption of the EU-Viet Nam Free Trade Agreement (EVFTA). Greece wanted Viet Nam to strengthen its relations with the EU and expected to be a gateway for Vietnamese goods to enter this region.

Co-operation between the two sides would create strong investment in energy, transport and technology in Viet Nam. In particular, Greece had a lot of experience in the field of industrial technology, infrastructure and shipping, which would support Viet Nam’s development, said Terens.

Deputy Chairman of the VCCI Doan Duy Khuong said in the context of the difficult global economic situation, bilateral trade between Viet Nam and Greece had made encouraging progress, increasing steadily from US$196 million in 2015 to $335 million in 2017. However, it did not reflect the true potential of both countries.

“Viet Nam is now considered a dynamic developing economy in Southeast Asia, becoming an attractive destination for foreign investors. Viet Nam has strong export potential for agricultural products, textiles, leather and footwear. It has become one of the most attractive consumer markets in the world,” said Khuong.

Khuong said Viet Nam had also made a number of achievements in economic reform, improving the business investment environment, and perfecting the legal and institutional system, in addition to simplifying transparent administrative procedures.

The country has also co-operated extensively with key partners and ratified 10 bilateral and multilateral FTAs with regional and international partners. About 60 economies have been negotiating FTAs ​​with Viet Nam, including key trade partners that account for about 90 per cent of Viet Nam’s trade turnover.

He said Greece had a developed manufacturing industry, especially the shipping industry, which was developing at the top of the world.

"Viet Nam and Greece want to seek co-operation opportunities in this area. We are currently in the process of negotiating the signing of a co-operation agreement on maritime transport. If we can secure this deal it will become a great driving force in boosting economic relations between the two countries."

“It’s a ‘golden time for Viet Nam and Greece to tighten co-operation to bring their traditional relationship to a new height, especially in economy, trade and investment. The two sides need to step up exchanges and trade and develop potential areas such as maritime transport and logistics, shipbuilding, seaport exploitation, tourism and agro-processing,” he said.

In order to reach the target, Khuong stressed that the governments of the two countries would help businesses promote trade, but businesses must also try to develop their operations.