On 28 October, in Madrid, Spain, Deputy Minister of Industry and Trade of Vietnam Phan Thi Thang and Secretary of State for Trade of the Ministry of Economy, Trade, and Enterprise of the Kingdom of Spain, Amparo López Senovilla, co-chaired the first meeting of the Vietnam - Spain Joint Commission on Economic, Trade, and Investment Cooperation.

The meeting marked a significant milestone, establishing a regular dialogue mechanism for both sides to review ongoing cooperation, address challenges, and set key priorities to promote comprehensive collaboration across all areas of economy, trade, and investment.

The Vietnamese delegation included Vietnamese Ambassador to Spain Doan Thanh Song and representatives from the Ministries of Industry and Trade, National Defense, Finance, Agriculture and Environment, and Science and Technology. The Spanish delegation comprised officials from the Ministries of Economy, Trade and Enterprise, Foreign Affairs, and Agriculture, Fisheries and Food.

Speaking at the meeting, Deputy Minister Phan Thi Thang, Chair of the Vietnamese Sub-Commission, highlighted the impressive growth of bilateral trade since the EU - Vietnam Free Trade Agreement (EVFTA) took effect on 1 August, 2020. In 2024, two-way trade between Vietnam and Spain reached a record USD 4.72 billion, up 19.9% from 2023. Spain is currently Vietnam’s fifth-largest trading partner in the EU, while Vietnam remains Spain’s largest trading partner in ASEAN.

Despite these achievements, Deputy Minister Phan Thi Thang emphasized the vast potential for further cooperation and called for stronger efforts to raise bilateral trade turnover to over USD 8 billion in the near future.

Agreeing with her remarks, Secretary of State for Trade Amparo López Senovilla commended the progress in bilateral trade cooperation and expressed Spain’s willingness to continue partnering with Vietnam, particularly in sectors where Spain has technological expertise.

During the session, the two sides discussed cooperation in energy, transportation, water management, agriculture, defense, science and technology, and tourism.

In energy, Spain expressed interest in expanding collaboration in renewable energy, particularly solar and wind power, to support Vietnam’s carbon emission reduction goals.

Both sides also pledged to enhance railway cooperation, with Spain emphasizing its capacity and expertise to contribute to Vietnam’s railway modernization. Spain affirmed its readiness to provide comprehensive solutions for national and urban railway projects, including strategic consulting, design, project management, and trial operations.

The two sides also acknowledged ongoing defense cooperation, with Spain highlighting its strengths in air traffic management, UAV operations, and expressing willingness to expand collaboration in aerospace.

In agriculture, Vietnam and Spain reaffirmed their commitment to fully utilize EVFTA tariff preferences to improve market access for agricultural and food products, promoting dynamic and mutually beneficial trade. Vietnam requested Spain’s support in encouraging the European Commission to recognize Vietnam’s positive progress and consider lifting the IUU yellow card warning on Vietnamese seafood promptly.

Both sides agreed to promote direct flight routes between Hanoi and Ho Chi Minh City with Madrid and Barcelona to facilitate trade and tourism flows.

The co-chairs praised the establishment and successful organization of the first session of the Joint Commission, reaffirming its role as a key mechanism for advancing bilateral cooperation in economy, trade, and investment. The Ministry of Industry and Trade of Vietnam and the Ministry of Economy, Trade, and Enterprise of Spain, as focal agencies of the Joint Commission, expressed readiness to serve as contact points and support businesses from both countries in pursuing successful trade and investment activities.

The first meeting of the Vietnam - Spain Joint Commission on Economic, Trade, and Investment Cooperation concluded in a spirit of openness, constructiveness, and friendship, with Deputy Minister Phan Thi Thang and Secretary of State Amparo López Senovilla signing the Minutes of the First Meeting.

In 2024, trade between Vietnam and Spain totaled USD 4.72 billion, up 19.9% from 2023 - the highest level to date. Vietnam’s exports to Spain reached USD 4 billion, a 21% increase, while imports stood at USD 716 million, up 14.2%. The trade surplus rose 22.8% year on year to USD 3.29 billion.

As of September 2025, Spain had 101 investment projects in Vietnam with total registered capital of USD 158.2 million, ranking 44th among 153 countries and territories investing in the country. Though the number of projects remains limited, Spanish investment shows strong potential in both capital scale and European quality. Vietnam’s registered investment in Spain totaled USD 65.76 million.