Vietnam and Belgium signed an agreement for supporting the innovation and development of Business Incubators Policy Project (BIPP) in Vietnam with a total budget of 4.4 million euros.

The project aims to contribute to the socio-economic development strategy of Vietnam and assist Vietnam to continue its economic growth to become an industrialized nation by 2020 through a strong force of science and technology enterprises, according to a statement released by the Embassy of Belgium in Hanoi on Monday.

The project will have duration of five years. The Ministry of Science and Technology will be responsible for the implementation and management of the project.

The two sides also signed a number of contracts, including the commercial contract for the supply of a micro satellite for geospace observation VNREDSat-1B to Vietnam.

The satellite, developed by a consortium of three Belgian companies Spacebel, Qinetiq Space and Amos, is expected to be launched in 2017.

The agreements were signed during official visit of Belgium’s Deputy Prime Minister and Minister of Economy, Consumer Affairs and North Sea Johan Vande Lanotte to Vietnam from January 18-22 at the invitation of Deputy Prime Minister Hoang Trung Hai.

The two leaders during on Monday’s talks agreed to improve the bilateral relations in all fields, including exchange of visits, trade and investment connection and active cooperation at multilateral forums and with international organizations.

The Belgian Deputy Prime Minister said that the two nations’ cooperation is highly potential, especially in the areas of port, logistics, transport, green technology and high technology.

Both sides also committed to create favorable conditions for their business communities to meet and establish partnerships in the areas of their strength, according to chinhphu.vn.

The two sides agreed to encourage and create favorable conditions for respective businesses to partner in potential areas. Belgium is ready to help Vietnam expand ties with other nations in the European Union (EU), he said.

Vietnamese Prime Minister Nguyen Tan Dung at the meeting with Deputy Prime Minister Lanotte asked for Belgium’s support to conclude the free trade agreement between Vietnam and the EU. He also urged the prompt recognition of Vietnam’s market economy.

Two-way trade between Vietnam and Belgium rose 70% in the 2003-2011 period, reaching around 1.2 billion euros each year. Belgium is the sixth largest trade partner of Vietnam in the EU.

Source: SGT - via VietNamNet Bridge