Prime Minister Nguyen Xuan Phuc speaks at the forum
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Speaking at the Vietnam-Mongolia Business Forum, Prime Minister Nguyen Xuan Phuc stressed that the bilateral political ties have fruitfully developed in recent times but their trade bonds do not match with the existing potential.
Leaders of the Vietnamese and Mongolian Governments agreed to create the most favorable conditions for the two countries’ businessed to further expand trade and investment links in the time ahead, said the Vietnamese leader.
Prime Minister Phuc briefed Mongolian investors and businesses on the huge potential of the Vietnamese market, adding that Vietnam wishes to invest in mining, technology, tourism, infrastructure development and some other fields in Mongolia.
The Prime Minister stressed potentials and strengths of Vietnam that is a attractive market with a large population, roughly 30 times the population of Mongolia.
Vietnam is home to 21,000 foreign investors from over 100 countries and territories, with a total investment of 300 billion USD. The country’s GDP stands at over 200 billion USD.
Vietnam has joined 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.
The Vietnamese leader said that the Mongolian enterprises set foot in Vietnamese market will have more broad access to world markets, especially the ASEAN region.
Vietnam hopes to export farm produce, food, aquatic products, fruit and vegetables and electronics, PM Phuc noted.
He affirmed that Vietnam can fully supply 3 million Mongolian people with agricultural products such as coffee, tomato, cucumber, rice ... in the next 20 years and send the most skilled crews to work in the construction sector in Mongolia.
Vietnam mainly exports phones, fruit and vegetables and consumer products to Mongolia, while importing metals and materials for the garment and footwear sectors from Mongolia.
During the forum, the two sides revealed that the Vietnam-Mongolia Joint Business Council was set up to push trade and investment links, especially in hi-tech agriculture and farm products.
They suggested the two Governments consider opening a direct air route between the two countries to facilitate import-export activities and multi-faceted cooperation among their firms.
Meanwhile, Mongolian investors said they are willing to cooperate with Vietnamese counterparts to ship meat to Vietnam.
Mongolia has been accelerating restructuring its business system. Mongolian firms are also active in seeking to promote economic and trade links with nations worldwide, including Vietnam – a potential market in many fields.
At present, two-way bilateral trade between the two nations reachs about 175 million USD.
