The Azerbaijan-Vietnam Business Forum and the first meeting of the Azerbaijan-Vietnam Joint Business Council was held on the eve of the 3rd session of the Vietnam-Azerbaijan Intergovernmental Commission on Economic-Trade And Scientific-Technology Cooperation. Deputy Minister of Industry and Trade of the Socialist Republic of Vietnam Nguyen Hoang Long and Energy Minister of Azerbaijan Parviz Shahbazov spoke at the opening of the Business Council and Forum.
Deputy Minister of Industry and Trade of the Socialist Republic of Vietnam Nguyen Hoang Long said that Azerbaijan is Vietnam's first strategic partner in the Caucasus region. This reflects the deep political trust between our countries and the wide potential for cooperation. The Ministry of Industry and Trade of Vietnam and relevant agencies are ready to cooperate closely with Azerbaijan and create opportunities for companies.
Minister of Energy Parviz Shahbazov stated that the Azerbaijan-Vietnam friendship, which has lasted for over half a century, and the relations that have risen to the strategic level following the Joint Declaration adopted during the visit of Mr. To Lam, General Secretary of the Central Committee of the Communist Party of Vietnam, to our country this May, form a solid foundation for strong economic partnership. On this basis, the Business Council and Forum serve as important platforms for elevating mutually beneficial cooperation to a new stage, increasing trade turnover and investment flows, and deepening economic ties. It was emphasized that Azerbaijan has entered a stage of economic diversification and has created a competitive and stable environment for foreign investors. It was noted that more than half of the approximately 350 billion USD invested in the country's economy over the past 20 years consists of foreign investment, which is a clear sign of this trust. It was also highlighted that industrial parks, free economic zones, developed transport and logistics infrastructure—including the Baku International Sea Trade Port, the Baku-Tbilisi-Kars railway, the Middle Corridor, and the East-West and North-South transport routes passing through Azerbaijan—have turned our country into a strategic economic hub and major regional center within a vast geography. At the same time, Azerbaijan’s role in the energy security of many countries is expanding further thanks to its rich renewable energy potential and green energy corridors. Minister Parviz Shahbazov said: “For Vietnamese companies, Azerbaijan is not just a domestic market of 10 million, but also a strategic gateway to the Caucasus, Central Asia, and European regions. At the same time, Vietnam is a rapidly growing, innovation-friendly, and strategically important Asian market for Azerbaijani companies. We invite entrepreneurs to engage in information exchange on the investment climate, economic zones, industrial parks, high technologies, agriculture, hydrocarbons, and renewable energy sectors in both Azerbaijan and Vietnam; to organize mutual business missions; to benefit from existing opportunities; to establish joint ventures; and to invest in concrete projects.”
Within the framework of the event, cooperation documents were signed between VINEN and AZPROMO, Phong Phu Corporation and GP Cotton Holdings, Tuong Vu JSC CO and Fresh-Meat, ANC Group LLC and 7 Center, as well as between Azerbaijan Renewable Energy Agency under the Ministry of Energy of the Republic of Azerbaijan (AREA) and ROX Group SC. The Memorandum of Understanding signed between AREA and ROX Group SC on cooperation in the field of renewable energy envisions collaboration in battery storage systems, off-grid and grid-connected solar power systems, onshore and offshore wind energy, and the production of hydrogen and ammonia.
