Vietnam and Spain exchange cooperation agreements on agriculture

The Prime Minister of the Kingdom of Spain, Pedro Sanchez, is making an official visit to Vietnam from April 8 - 10. The visit of Prime Minister Pedro Sanchez has led to the establishment of cooperation agreements, which include: 

1. Memorandum of Understanding on Cooperation and Political Consultation between the Ministry of Foreign Affairs of Vietnam and the Ministry of Foreign Affairs, European Union and Cooperation of Spain.

2. Memorandum of Understanding on Cooperation between the Diplomatic Academy of Vietnam and the Diplomatic School of Spain.

3. Memorandum of Understanding on Collaboration in Culture and Sports between the Ministry of Culture, Sports and Tourism of Vietnam and the Ministry of Education, Vocational Training and Sports of Spain.

4. Memorandum of Understanding regarding collaboration in the areas of Food Safety and Quality, Veterinary Medicine, Plant Protection, and Fisheries, established between the Ministry of Agriculture and Environment of Vietnam and the Ministry of Agriculture, Fisheries and Food of Spain.

5. Framework Protocol on Financial Cooperation between the Government of Vietnam and the Government of Spain.

Spain holds the position of being Vietnam's fifth-largest trading partner within the European Union, whereas Vietnam stands as Spain's most significant trading partner in the ASEAN region. From 2019 to 2024, there has been a notable and consistent growth in bilateral trade, reflecting an average annual increase of 8.7%. 

In 2024, bilateral trade achieved an impressive USD 4.72 billion – the highest figure recorded thus far – reflecting a notable 20% increase compared to 2023. The trade structure between Vietnam and Spain is complementary and not directly competitive. 

Spain engages in 97 investment initiatives in Vietnam, amounting to a total registered capital of USD 143.88 million. This positions Spain at 46th among 148 countries and territories investing in Vietnam. The allocation of these investments is primarily focused on the processing and manufacturing sectors, which account for 56.1%, alongside the accommodation and food services sector, representing 32.8%. 

Vietnam is currently engaged in three investment initiatives in Spain, amounting to a total capital of USD 64.2 million. These projects are centered around scientific research, technology, and the processing and manufacturing sectors. Spain holds the 24th position among the 79 nations that are recipients of Vietnamese outbound investment. 

In January 2022, Spain took the significant step of ratifying the EU–Vietnam Investment Protection Agreement (EVIPA). 

Spain has pledged to extend its support to Vietnam with an investment exceeding USD 1 billion in ODA loans and non-refundable assistance. This commitment will be realized through five financial cooperation programs that encompass various sectors, including infrastructure, sustainable development, the promotion of gender equality, healthcare, and advancements in science and technology. 

The two parties persist in their efforts to engage in mutual exchanges and collaborate on defense training initiatives, which include language courses for Vietnamese officers and officials. 

Vietnam has graciously extended a unilateral visa exemption to Spanish citizens, allowing them to enjoy stays of up to 45 days. In 2024, Vietnam had the pleasure of hosting 91,400 visitors from Spain. There are around 5,000 Vietnamese nationals living in Spain, mainly engaged in small businesses, and they have effectively integrated into the local community.