In the lead-up to the 3rd session of the Vietnam-Azerbaijan Intergovernmental Commission on Economic, Trade, and Scientific-Technological Cooperation, the Azerbaijan-Vietnam Business Forum and the inaugural meeting of the Azerbaijan-Vietnam Joint Business Council were held, highlighting the two countries' growing partnership. The event was attended by Azerbaijan’s Minister of Energy, Parviz Shahbazov, and Vietnam’s Deputy Minister of Industry and Trade, Nguyen Hoang Long.
In his remarks, Deputy Minister Nguyen Hoang Long emphasized that Azerbaijan is Vietnam’s first strategic partner in the Caucasus, reflecting a strong foundation of political trust and potential for economic collaboration. He noted that Vietnamese institutions are ready to work closely with Azerbaijan to expand opportunities for business engagement.
Energy Minister Parviz Shahbazov underlined the longstanding friendship between the two nations and the elevation of relations to a strategic level following the recent visit of Vietnamese General Secretary To Lam. He highlighted the forum and council as key platforms for advancing trade and investment, while also pointing to Azerbaijan’s stable and investor-friendly environment. Shahbazov noted that foreign investments account for over half of the $350 billion invested in Azerbaijan’s economy over the last two decades.
He also stressed Azerbaijan’s strategic location as a transit and logistics hub, supported by infrastructure such as industrial parks, free economic zones, the Baku-Tbilisi-Kars railway, and major corridors like the Middle Corridor and North-South route. With its expanding role in global energy security and renewable energy development, Azerbaijan offers Vietnamese companies access not only to its domestic market but also to broader regions including Central Asia and Europe. He encouraged business leaders from both countries to explore joint ventures and exchange information in sectors such as green energy, agriculture, high technologies, and hydrocarbons.
During the event, several cooperation agreements were signed, including partnerships between VINEN and AZPROMO, Phong Phu Corporation and GP Cotton Holdings, Tuong Vu JSC and Fresh-Meat, ANC Group and 7 Center, as well as a key renewable energy MoU between the Azerbaijan Renewable Energy Agency (AREA) and ROX Group SC. The agreement focuses on collaboration in battery storage, solar and wind energy, and the production of hydrogen and ammonia.
The forum marked a significant step forward in boosting economic relations and investment between Azerbaijan and Vietnam.
https://renewables.az/en/news/memorandum-of-understanding-on-cooperation-in-the-field-of-renewable-energy-was-signed-between-azerbaijan-and-vietnam