Vietnam and Belgium established diplomatic ties in 1973. Since Vietnam opened its embassy in Brussels in early 1991, bilateral cooperation has grown substantially.
The 2000-2008 period saw a rapid and steady growth in two-way trade turnover, from US$395.4 million in 2000 to US$1.369 billion in 2008. Vietnam was always in trade surplus in this period. However, two-way trade turnover has fallen in recent years, to just US$1.1-1.2 billion in 2009 and 2010 due to the impact of the global economic downturn. Up to September this year, two-way trade was estimated at nearly US$1.2 billion.
Belgium is currently Vietnam’s sixth biggest export market in the European Union (EU) after Germany, UK, the Netherlands, France and Spain. Vietnam’s exports to Belgium are mainly footwear, garments and textiles, seafood, coffee and bags, but also next in line are other items such as wood, rubber, plastic, stone and precious metal.
Vietnam’s imports from Belgium include machines, equipment, spare parts, iron and steel, chemicals and pharmaceuticals products.
Belgium ranks 38th among 91 countries and territories investing in Vietnam with 39 projects capitalized at more than US$100 million of which more than three-quarters are allocated to industrial areas in southern cities and provinces.
Vietnam and Belgium started to implement cooperation and development agreements in 1977. Vietnam is the only Asian nation to receive the official development assistance (ODA) from Belgium.