New Southbound Policy Portal

Richard R.C. Shih (second left), head of the Taipei Economic and Cultural Office in Vietnam, and Vu Tien Dung (second right), head of the Vietnam Economic and Cultural Office in Taipei, display an MOU on trade promotion and cooperation Jan. 5 in Taipei City. (Courtesy of MOEA)
 

Taiwan and Vietnam inked a memorandum of understanding on trade promotion and cooperation Jan. 5, spotlighting government efforts to boost exchanges with the New Southbound Policy partner country, according to the Ministry of Economic Affairs.

Witnessed by Cynthia Kiang, director general of MOEA’s Bureau of Foreign Trade, the pact was signed by Richard R.C. Shih, head of the Taipei Economic and Cultural Office in Vietnam, and Vu Tien Dung, head of the Vietnam Economic and Cultural Office in Taipei. It promises collaboration on issues like trade delegations, business matching and personnel training.

According to the MOEA, the MOU will provide benefits for the two sides in exploring more business opportunities by holding trade exhibitions and promoting high-quality products. This will also help equalize the bilateral balance of payments while enhancing the visibility of Vietnam’s agricultural and industrial products in Taiwan’s market, the ministry added.

Industries in Taiwan and Vietnam are complementary across sectors spanning agricultural technology, auto components, cold chain logistics, electronics, information and communications technology, smart cities and textiles, the MOEA said, adding that the government will continue expanding cooperation on the existing basis to create win-win outcomes for both sides.

The statistics of the MOEA show that Taiwan is Vietnam’s fourth largest source of imports while Vietnam is Taiwan’s seventh largest export market. The total trade between the two sides hit a record high at US$18.1 billion from January to November last year and saw a year-on-year increase of 26 percent, the MOEA said.

A key plank in the government’s national development strategy, the NSP seeks to deepen Taiwan’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand. (YCH-E)