Baku: Azerbaijan and Vietnam have signed five cooperation documents aimed at enhancing bilateral relations, as announced during the Azerbaijan-Vietnam Business Forum and the inaugural meeting of the Azerbaijan-Vietnam Joint Business Council. The event took place in anticipation of the third session of the Vietnam-Azerbaijan Intergovernmental Commission on Economic-Trade and Scientific-Technology Cooperation, according to the Ministry of Energy.
According to Azeri-Press News Agency, Deputy Minister of Industry and Trade of Vietnam, Nguyen Hoang Long, and Azerbaijan’s Energy Minister, Parviz Shahbazov, addressed the forum’s opening. Nguyen Hoang Long highlighted Azerbaijan’s status as Vietnam’s first strategic partner in the Caucasus region, underscoring the mutual political trust and potential for collaboration. He expressed Vietnam’s readiness to work closely with Azerbaijan to create business opportunities.
Minister Parviz Shahbazov emphasized the longstanding friendship between Azerbaijan and Vietnam, noting that their relations have reached a strategic level. This development follows a Joint Declaration during Vietnamese General Secretary To Lam’s visit to Azerbaijan in May. Shahbazov highlighted the Business Council and Forum as key platforms for advancing economic cooperation, increasing trade, and fostering investment. He also pointed out Azerbaijan’s economic diversification and the attraction of foreign investments, with more than half of the $350 billion invested in the past two decades coming from abroad.
The event included the signing of cooperation agreements between various organizations, such as VINEN and AZPROMO, Phong Phu Corporation and GP Cotton Holdings, Tuong Vu JSC CO and Fresh-Meat, ANC Group LLC and 7 Center, and a significant Memorandum of Understanding between the Azerbaijan Renewable Energy Agency and ROX Group SC. This memorandum outlines collaboration in renewable energy sectors, including solar and wind power, and the production of hydrogen and ammonia.
The forum concluded with panel discussions and B2B meetings, involving the Export and Investment Promotion Agency of Azerbaijan, the Small and Medium Business Development Agency of Azerbaijan, the Vietnam National Entrepreneurship Association, and companies from both countries. Energy Minister Parviz Shahbazov also shared news of the signed cooperation documents on his X account, further affirming the progress made during the event.