Vietnam willing to facilitate Mongolian investments in Vietnam
In a speech at the Vietnam-Mongolia Business Forum on July 14 as part of his ongoing official visit to Mongolia, the Vietnamese PM said the bilateral political ties have grown in recent times but their trade links is still far from matching their full potential.The Vietnamese and Mongolian Governments consent to create the most favorable conditions for the two countries’ enterprises to further expand trade and investment links
He briefed Mongolian investors and businesses on the great potential of the Vietnamese market, saying that Vietnam wants to invest in mining, technology, tourism, infrastructure development and some other areas in the Central Asian nation.
Representatives from the two sides’ businesses highlighted the great potential for stronger cooperation between the two nations’ companies, and expressed their interest about a series of cooperation fields, including agriculture, food, tourism, construction, mining, textiles and garments.
The Vietnam-Mongolia Joint Business Council was set up to push trade and investment links, especially in hi-tech agriculture and farm products.
The two Governments should consider opening a direct air route between the two nations to facilitate import-export activities and comprehensive cooperation among their firms, they said.
Vietnam hopes to export farm produce, food, aquatic products, fruit and vegetables and electronics, PM Phuc noted.
Mongolian investors expressed their readiness to work hand in hand with Vietnamese counterparts to export meat to Vietnam.
Vietnam is home to 21,000 foreign investors from over 100 countries and territories, with a total investment of US$300 billion. The country’s GDP stands at more than US$200 billion.
Vietnam has engaged in 13 free trade agreements (FTAs), especially new-generation FTAs. It is now a key member of ASEAN, and also one of the 12 founding members of the Trans-Pacific Partnership (TPP) – the world’s largest trade deal, which will be signed in the near future.
Mongolia has been intensifying restructuring its business system. Mongolian companies are also active in seeking to boost economic and trade links with nations worldwide, including Vietnam – a potential market in many fields.
Currently, two-way bilateral trade between the two nations reach roughly US$175 million.
Vietnam's main exports include phones, fruit and vegetables and consumer products to Mongolia, while importing metals and materials for the garment and footwear sectors from Mongolia.
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Latest News
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines
State visit to Vietnam by Australian Governor-General to deepen the two’s goodwill, trust: expert
14:10 | 03/04/2023 Headlines
Vietnam"s economy to grow by 6.6% this year: OECD
17:45 | 02/04/2023 Headlines
More News
Bright outlook for Vietnamese tourism in new situation
16:52 | 02/04/2023 Headlines
Vietnam, US hold 12th Political, Security, Defence Dialogue
20:25 | 01/04/2023 Headlines
Vietnam calls for comprehensive, all-society approach to waste management
14:32 | 31/03/2023 Headlines
Many factors support foreign capital flow
13:40 | 30/03/2023 Headlines
Foreign SMEs pour capital into Vietnam
13:37 | 30/03/2023 Headlines
Leaders of aviation firms to be disciplined if employees committed wrongdoings
15:38 | 29/03/2023 Headlines
Vietnam - Lao joint border patrol held
15:31 | 29/03/2023 Headlines
CPI increases about 4.2% in first quarter
14:27 | 28/03/2023 Headlines
PM orders close coordination to remove obstables to property market
14:20 | 28/03/2023 Headlines
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines