Bilateral relations are increasingly strong and comprehensive.
According to Vietnamese Ambassador to Spain Doan Thanh Song, since Vietnam and Spain upgraded their relationship to "Strategic Partnership towards the Future" on December 15, 2009, the relationship between the two countries has developed strongly: Spain has become Vietnam's 8th largest trading partner in the EU and Vietnam has become Spain's largest trading partner in ASEAN.
Bilateral trade turnover has increased steadily by 15%-20% each year, from 1.2 billion USD in 2010 to 3.94 billion USD in 2023. Vietnam mainly exports phones and components, iron and steel, textiles, and footwear to Spain, while importing pharmaceuticals, machinery, chemicals, and plastic materials for domestic processing and manufacturing.
Spain currently has over 96 investment projects in Vietnam with a total investment capital of nearly 144 million USD. Spain's recent notable investments in Vietnam are in the fields of renewable energy, wind energy, solar energy and digitalization; these are the fields in which Vietnam is looking to attract high-tech FDI.
In particular, Vietnam has always been one of the priority countries in Spain's development cooperation policy.
A very prominent point in the strategic partnership between the two countries in recent times is the increasingly vibrant cultural and people-to-people exchanges, creating a foundation for increased understanding and trust between Vietnam and Spain.
Vietnam has become a destination for more than 80,000 Spanish tourists in 2023. Currently, there are about 1,000 Vietnamese children adopted by Spanish families, integrating well into the local community and still maintaining their national cultural identity.
Prospects for promoting cooperation between the two countries
Ambassador Doan Thanh Song said that the Vietnam - Spain strategic partnership is ready to develop more deeply and strongly.
Firstly, Vietnam and Spain are peaceful countries with many advantages and development space. The leaders of the two countries are determined and committed to promoting the strategic partnership strongly, effectively and substantially in many fields.
Second, Vietnam and Spain have many overlapping interests to deepen their Strategic Partnership.
Vietnam currently has 16 free trade agreements with 60 partners, and has an important geostrategic position in the Indo-Pacific region. Recently, Spain has not only focused on traditional markets, but has also increasingly paid attention to business cooperation opportunities in Asia, in which Vietnam is considered an increasingly attractive destination.
As the first country to ratify the EU-Vietnam Investment Protection Agreement (EVIPA), Spain increasingly sees Vietnam as a promising market for Spanish companies to invest in. The newly established Spanish Chamber of Commerce in Hanoi is a vivid example of the interest of Spanish businesses in a dynamic and attractive Vietnam.
In particular, Spain has many key economic strengths that Vietnam is looking to develop. Spain has advanced transport infrastructure with the second largest high-speed rail network in the world and very competitive average costs for building high-speed trains.
Spain is also leading Europe in renewable energy deployment and has a world-leading food processing industry.
