Mongolia Always Keeps Its Door Open Wide to Vietnamese Investors

Vietnam and Mongolia established formal diplomatic relations on November 17, 1954. During the past nearly 60 years, the two countries have endeavoured to cultivate the time-honoured bilateral friendship, expressed by frequent high-level visits. Vietnam and Mongolia have coordinated in various fields, especially economic development. Both have officially recognised each other to have full market economies. However, much potential for cooperation is yet to be tapped.

 

Delivering the opening speech, Ms Nguyen Thi Hong, Vice Chairwoman of the Ho Chi Minh City People’s Committee, said that Ho Chi Minh City's exports to Mongolia reached over US$1.5 million in the first half of this year, an amount described to be too modest to the two sides’ potential. Mongolia and Vietnam in general and Ho Chi Minh City in particular can boost cooperation in hi-tech husbandry, farm produce processing and export, rice production and tourism.

 

She said the forum provided a good chance for Ho Chi Minh City and Mongolian businesses to meet, exchange and seek opportunities of effective investment cooperation, both investment into Vietnam and investment into Mongolia. As an economic locomotive and a cultural and tourism centre of Vietnam, Ho Chi Minh City is ready to welcome Mongolian leaders, businesses and tourists. With its role and position, the city will help realise and implement agreements signed by leaders of the two countries and provide the most favourable conditions for enterprises and entrepreneurs of Ho Chi Minh City and Mongolia to meet and exchange experiences and effective cooperation in potential fields.

 

President Tsakhia Elbegdorj spoke highly of impressive achievements that the government and people of Vietnam have made in the process of national renovation, construction and development, thus increasingly asserting the role and position of Vietnam on the international arena. This will be an important launch pad for Vietnam to reap greater, more brilliant achievements to step steadily on the journey of industrialisation and modernisation.

 

He said Mongolia lies between Russia and China and Vietnamese companies can expand economic cooperation and look opportunities in these two enormously fertile markets from Mongolia. Besides, Mongolia wants to cooperate with a third country to efficiently tap available potentials and strengths and balance economic development and Vietnam is chosen as a partner and dialogist of Mongolia in Southeast Asia. In its foreign and economic policies, Mongolia always keeps its door open to enterprises to make investment and connectivity. Especially, the Mongolian Parliament recently passed a draft law on foreign investment, which will create a favourable environment for foreign investors in general and Vietnamese investors in particular when they invest in Mongolia.

 

On trade cooperation, the President said: "Boosting cooperation and raising bilateral trade turnover between Vietnam and Mongolia is extremely important. Mongolia always keeps its door open to Vietnamese businesses in order to boost bilateral economic and trade cooperation, thus laying another cornerstone for bringing the two countries' relationship to a new high."