Strengthening ties between Viet Nam and Azerbaijan in the startup sector, with a focus on increasing digital investment collaborations.
The Vietnam-Azerbaijan Business Forum, held in Hanoi on Wednesday, marked a significant step in deepening economic ties between the two nations, with a particular focus on the digital economy, innovation ecosystems, and bilateral investment opportunities.
The forum, which was part of the Global National Entrepreneurship Forum, aimed to enhance economic ties between Vietnam and Azerbaijan, with an emphasis on developing innovation ecosystems and fostering bilateral investment, especially in the digital economy.
### Bilateral Investment and Joint Ventures
Both countries seek to increase trade turnover and expand the investment component, with a clear intention of establishing joint ventures across multiple sectors. Azerbaijan, with its strategic gateway position, represents not only a domestic market but also a gateway for Vietnamese businesses into the Caucasus, Central Asia, and Europe. Conversely, Vietnam, a rapidly growing, innovation-friendly Asian market, offers attractive opportunities for Azerbaijani companies.
Azerbaijan highlighted its industrial parks, free economic zones, and developed transport and logistics infrastructure as attractive platforms for mutual investment. Businesses from both sides are encouraged to explore opportunities in these zones and to consider joint projects in agriculture, high technology, hydrocarbons, and renewable energy.
### Digital Economy and Innovation Ecosystems
The forum explicitly invited entrepreneurs to exchange information on high technologies and innovation, signaling a mutual interest in fostering digital transformation and building innovation ecosystems. The establishment of the Vietnam–Azerbaijan Joint Business Council is designed to facilitate direct B2B connections, information sharing, and joint ventures, particularly in digital and innovative sectors.
The event focused on strengthening bilateral cooperation in logistics, energy, technology, e-commerce, healthcare, and education. A notable Memorandum of Understanding on renewable energy cooperation was signed between Azerbaijan’s State Agency for Alternative and Renewable Energy Sources and Vietnam’s ROX Group, indicating a strong commitment to green energy partnerships.
### Sector-Specific Collaborations
The textile industry was highlighted as a priority, with virtual meetings and agreements aimed at boosting cotton exports and textile collaboration. Additional focus areas include agriculture, food, and tourism. Recent agreements have been made to explore joint oil and gas activities between Vietnam and Azerbaijan. Both nations also plan to boost cooperation in transportation infrastructure, including rail, road, air, and maritime links.
The Caspian Sea route is to be leveraged for enhanced connectivity between the two countries, and plans for an annual Vietnam-Azerbaijan Startup and Investment Forum were announced. The forum aims to formalise strategic partnerships, improve legal frameworks, and connect resources among government agencies and startup support organizations from both countries.
The Vietnam-Azerbaijan Business Forum 2025 underscores a strategic shift toward deeper, innovation-driven economic cooperation, with both countries leveraging their respective strengths to access new markets and foster sustainable growth. The forum also serves as a strategic dialogue platform, and models like "E-SME House" were introduced to support national startup ecosystems. The goal was to discuss strategies for sustainable growth amid digital transformation and globalisation, and to align with Vietnam's digital ecosystem goals by agreeing on an MoU on digital development.
The bilateral trade between Vietnam and Azerbaijan exceeded US$100 million in the first quarter of this year, reflecting the positive momentum from these initiatives. The forum represents a significant step in Vietnam's strategy to expand its global innovation footprint.
- The forum encouraged businesses from both Vietnam and Azerbaijan to explore investment opportunities in strategic sectors like agriculture, high technology, hydrocarbons, and renewable energy.
- The Vietnam-Azerbaijan Joint Business Council was established to facilitate direct B2B connections and joint ventures, particularly in digital and innovative sectors.
- The event emphasized strengthening cooperation in logistics, energy, technology, e-commerce, healthcare, and education, with a Memorandum of Understanding on renewable energy cooperation being signed.
- Both countries regard the textile industry as a priority, aiming to boost cotton exports and textile collaboration, and have also agreed to explore joint oil and gas activities.
- In the realm of sports and education, plans for an annual Vietnam-Azerbaijan Startup and Investment Forum were announced, intended to formalize strategic partnerships and improve legal frameworks.
- The forum serves as a platform for strategic dialogue, introducing models like "E-SME House" to support national startup ecosystems, and aligns with Vietnam's goals for digital development.
