DUBLIN — Pushing bilateral trade turnover to US$5 billion by 2026 should be a mutual goal of Việt Nam and Ireland, Party General Secretary and State President Tô Lâm said during a meeting with Irish business executives on Thursday.

The meeting was part of the top leader’s visit to Ireland from October 1 to 3.

Lâm congratulated the Irish businesses that had gained success from their investments in Việt Nam in agriculture, healthcare, energy transition, low-carbon energy, and biotechnology, which are the fields that Việt Nam aims to further develop in the near future.

He expressed his wish that trade collaboration between the two countries would extend beyond the current 41 projects, worth $60.8 million, and that Irish investments in Việt Nam would continue to grow.

“Bilateral trade turnover between our countries has increased 2.5 times over the last six years, despite disruptions in the global economy, and Ireland is Việt Nam’s sixth largest trade partner, and second largest export market within the European Union,” he said.

The two sides should aim for a trade turnover of $5 billion by 2026 to mark the 30th anniversary of the establishment of diplomatic relations, he added.

The President emphasised that, as Việt Nam is entering a new era of development, it will rely on Fourth Industrial Revolution assets – science, technology, innovations, and a highly skilled workforce – to transform its growth model and restructure the economy.

“With this long-term vision, we will prioritise investments in the digital economy, green economy, circular economy, and knowledge economy,” he said.

He called for more Irish businesses to invest in Việt Nam in these fields, stressing that they will always be welcomed by the Vietnamese Government and encouraged to expand their collaboration with Vietnamese businesses.

Their presence in Việt Nam, he noted, will not only produce goods for domestic consumption, but also for exports to other European countries as Việt Nam is party to several free trade agreements.

The top leader stressed that the Vietnamese authorities are always ready to support and create favourable conditions for foreign businesses, including Irish companies, to invest in Việt Nam and contribute to the socio-economic development of both countries.

He expressed hope that Irish businesses will support Vietnamese enterprises to take part in the global value chain and engage in investment activities with a focus on efficiency, sustainability, high social responsibility and environmental protection.

“With the joint efforts of both sides, we will continue to achieve greater success in the future, aiming together for stable, prosperous, and sustainable development between the two countries,” he said. — VNS