Vietnam, Spain target $8bn trade, boost cooperation in railways, renewable energy

The consensus was reached during the first session of the Vietnam–Spain Joint Committee on Economic, Trade, and Investment Cooperation, held on Tuesday in Madrid.

The event was co-chaired by Spain’s Secretary of State for Trade Amparo López Senovilla and Vietnam’s Deputy Minister of Industry and Trade Phan Thi Thang.

The inaugural session marked the establishment of a regular dialogue mechanism for both sides to review progress, exchange ideas, remove obstacles, and identify priority areas for future cooperation.

Speaking at the event, Deputy Minister Thang noted that Vietnam–Spain trade has grown impressively since the EU–Vietnam Free Trade Agreement (EVFTA) took effect in August 2020.

In 2024, bilateral trade reached a record $4.72 billion, up nearly 20 percent from the previous year, making Spain Vietnam’s fifth-largest trading partner within the European Union.

Thang expressed confidence that both countries would work together to take effective steps to lift bilateral trade above $8 billion in the coming years.

Echoing her optimism, Secretary Senovilla praised the significant progress achieved in bilateral trade and voiced Spain’s desire to deepen cooperation with Vietnam in other sectors where Spain holds technological advantages.

In the energy sector, the Spanish side expressed strong interest in enhancing cooperation in renewable energy, particularly solar and wind power.

The two countries also showed a shared commitment to promoting railway collaboration, emphasizing Spain’s technical expertise as a valuable contribution to Vietnam’s railway development.

Spain affirmed its readiness to provide comprehensive solutions for national and urban railway projects, as well as to expand cooperation in strategic consulting, design, project management, and trial operations.

Both sides also agreed to strengthen agricultural cooperation and take advantage of EVFTA incentives to enhance mutual market access for agri-food products.

Vietnam called on Spain to help advocate for the European Commission to soon lift the ‘yellow card’ warning on Vietnamese seafood related to illegal, unreported and unregulated (IUU) fishing.

In terms of investment cooperation, as of September 2025, Spain had 101 projects in Vietnam with a total registered capital of $158.2 million, ranking 44th among 153 countries and territories investing in the Southeast Asian country.

Conversely, Vietnam has invested approximately $65.8 million in Spain.

The two sides also expressed a desire to establish direct air routes linking Hanoi and Ho Chi Minh City with Madrid and Barcelona to promote trade, investment, and tourism.