Strengthening Vietnam-Spain Relations: A Landmark Official Visit

From April 8 to 10, 2025, Prime Minister of Spain, Pedro Sánchez, paid an official visit to Vietnam at the invitation of Prime Minister Pham Minh Chinh. This visit marked a significant milestone, being the first by a Spanish Prime Minister since the establishment of diplomatic relations in 1977, and the first high-level visit from Spain in 19 years. It underscored Spain’s commitment to deepening ties with Vietnam and highlighted Vietnam’s growing prominence on the global stage.

Highlights of the Visit

During his stay, Prime Minister Sánchez engaged in a series of high-level meetings with Vietnamese leaders, including:​

• President Luong Cuong: Discussed avenues to enhance bilateral cooperation across various sectors.​
• Prime Minister Pham Minh Chinh: Held talks focusing on expanding economic, trade, and investment relations, and addressed regional and global issues of mutual interest.​
• National Assembly Chairman Tran Thanh Man: Explored opportunities for parliamentary collaboration and strengthening legislative ties.​

In Ho Chi Minh City, Prime Minister Sánchez met with local authorities and business leaders, emphasizing the potential for collaboration in infrastructure, tourism, digital transformation, clean energy, and people-to-people exchanges. He expressed Spain’s eagerness to contribute to Vietnam’s development goals, particularly in modernizing infrastructure and promoting sustainable energy solutions.

Key Agreements and Outcomes

The visit culminated in the issuance of a Joint Statement, highlighting several key areas of cooperation:

• Economic and Trade Relations: Both nations agreed to leverage the EU-Vietnam Free Trade Agreement (EVFTA) to boost trade, aiming to diversify and increase the volume of exchanged goods and services.
• Investment Opportunities: Spain expressed interest in investing in Vietnam’s renewable energy sector, including wind and solar power, as well as in urban infrastructure projects like metro systems, aligning with Vietnam’s sustainable development objectives.​
• Cultural and Educational Exchange: Initiatives were proposed to enhance cultural understanding and educational collaboration, including scholarships, academic exchanges, and joint research projects.​
• Regional and Global Cooperation: Both countries reaffirmed their commitment to addressing global challenges such as climate change, public health, and regional security, emphasizing the importance of multilateralism and international cooperation.​

Spanish Investment in Vietnam: An Overview

Spain’s investment in Vietnam, though growing, remains modest relative to its potential. As of December 2024, Spain had invested in 97 projects in Vietnam, totaling approximately USD 143.9 million, positioning it as the 46th among 147 countries and territories investing in Vietnam.

Historical Context and Investment Landscape

The historical ties between Vietnam and Spain have paved the way for increasing economic interactions. Over the years, Spanish businesses have shown interest in Vietnam’s dynamic market, leading to investments across various sectors. The current investment climate is characterized by:​

• Key Sectors: Spanish investments are primarily concentrated in manufacturing, renewable energy, infrastructure, and tourism. Notably, the renewable energy sector has seen significant interest, with Spanish companies contributing to Vietnam’s transition to sustainable energy sources.​
• Prominent Enterprises: Several Spanish companies have established a presence in Vietnam, bringing expertise and capital to sectors such as energy, construction, and services. Their involvement not only provides employment opportunities but also facilitates the transfer of technology and knowledge.​

Investment Trends and Future Outlook

Looking ahead, Spain aims to increase its investment footprint in Vietnam, focusing on:​

• Renewable Energy: With Vietnam’s commitment to reducing carbon emissions, Spanish firms are keen to invest in wind and solar energy projects, contributing to the nation’s sustainable development goals.​
• Infrastructure Development: Opportunities exist in developing urban transport systems, including metro lines and smart city solutions, where Spanish expertise can play a pivotal role.​
• Technology and Innovation: Collaborations in digital transformation, e-governance, and smart technologies are on the horizon, leveraging Spain’s advanced technological capabilities.​
• Tourism and Culture: Joint ventures in hospitality, cultural exchange programs, and promotional activities aim to boost tourism between the two countries, capitalizing on their rich cultural heritages.

Source: Various sources