At the end of 2015, the traditional Danish development co-operation with Vietnam ended and the two countries are now looking to expand their commercial relations, reports Finans.

Some 130 Danish companies are currently based in Vietnam – and with good reason, as Danish exports to the East Asian country have doubled in just one year.

In fact, measured per capita, Denmark is the country’s second largest exporter.

Over the past three decades, Vietnam has transformed from a war-torn and famine-affected developing country into a middle-income country that is a world leader at poverty reduction.

Free-trade agreements
In 2015, Vietnam’s GDP growth was about 6.5 percent and the World Bank projects this year the tiger economy will grow by another 6.6 percent.

Last autumn, Vietnam entered ambitious free-trade agreements with the EU and 12 Pacific countries, including the US, Japan and Australia.

The agreement with the EU would mean a reduction of tariffs and trade barriers and allow for increased exports from Denmark.