Vietnam and Finland will boost investment and trade promotion activities to raise two-way trade to US$1bil and Finnish investment in Vietnam to the same amount in the coming years.

Mr Dung noted that two-way trade remains modest, standing at merely US$240 million last year, which has yet to match the two countries’ potential. He suggested increasing the exchange of commodities between Vietnam and Finland to raise the trade value.

Vietnam will create more incentives for Finnish businesses to invest in their strong areas such as electronics, telecommunications, shipbuilding, wood processing, paper production, rural development and water supply, said Mr Dung.

He expressed his hope that Finland will continue to support Vietnam in increasing cooperation with other countries in the European Union, especially in conducting negotiations with EU member countries concerning the recognition of Vietnam as a market economy. He affirmed that Vietnam is willing to act as Finland’s gateway to other countries in Southeast Asia.

Mr Dung proposed that Finland further simplify conditions and procedures for Vietnam to soon access its preferential aid. He also proposed that Finland boost the implementation of the framework agreement on education-training cooperation, under which the Nordic country will help Vietnam train PhD holders in information technology, health care, the environment, forestry and fisheries.

He said he hopes that both countries will promote cooperation in labour by extending Finland’s pilot immigration programme to receive Vietnamese guest workers, and Finland will keep up with official development assistance (ODA) for Vietnam’s poverty reduction and social welfare programmes at higher levels.

For his part, PM Vanhanen praised Vietnam’s role and position in Asia and the rest of the world and said Finland wants to develop a comprehensive relationship with Vietnam, especially in economics, investment and trade, to be on a par with their fine political ties.

Finland encourages its businesses to explore investment opportunities in Vietnam, and supports the Southeast Asian nation in expanding cooperation with other European countries, he said.

He affirmed Finnish businesses are keen to invest in Vietnam and proposed that the Vietnamese government create favourable conditions for Finnish investors to do long-term business in the country.

He said he hopes, as an active member of the United Nations, Vietnam will support Finland’s bid to become a non-permanent member of the UN Security Council for the 2013-2014 term.

Both host and guest exchanged views on regional and international issues of mutual concern. They agreed that the two countries should work bilaterally and multilaterally to minimize the adverse impact of global warming and high sea surges.

They signed a memorandum of understanding on bilateral cooperation in labour and industrial policy.

Later, the two leaders met with representatives of leading Finnish groups who are accompanying Mr Vanhanen to Vietnam.

Vietnam and Finland established diplomatic ties in 1973. Their two-way trade last year fetched US$240 million, up 40 percent against 2007.

Finland has poured US$60million into 6 projects in Vietnam. Its total ODA has so far amounted to nearly US$400 million, mostly focusing on poverty reduction, water supply, environmental protection, as well as scientific and technological development.

VietNamNet/VOV