Vietnam – Belarus Building Bridge for Trade Globalisation

VCCI Vice President Hoang Quang Phong said Vietnam and Belarus have a time-honoured close multifaceted cooperation relationship. In the context of globalisation, as numerous groundbreaking trade agreements such as Trans-Pacific Partnership (TPP), European Union – Vietnam Free Trade Agreement (EVFTA), and the ASEAN Economic Community (AEC) will formally take effect by the end of this year, Vietnam and Belarus are seeing numerous challenges and opportunities to promote multifaceted cooperation, especially economic and trade relations. The integration and development process of Vietnam and Belarus is opening up opportunities for the two business communities to strengthen their cooperation ties, not only to meet their own market demands but also look to third countries.

 

“With the advent of the AEC, Vietnam is willing to serve as a bridge for Belarusian commodities to enter ASEAN countries and the region. With the signing of EVFTA, the Republic of Belarus will be one of many advantageous gateways for Vietnamese commodities to make inroads into a big market of 182 million consumers with a GDP of over US$2,200 billion in 2014. The fact that the Eurasian Economic Union (EEU), in which Belarus is a member, chose Vietnam as the first ASEAN negotiating partner showed that Vietnam is a top-trusted partner of Belarus and EEU member countries,” he said.

 

However, current economic and commercial cooperation results do not match the expectations and potential of the two countries. For years, Vietnam - Belarus trade revenue has accounted for a tiny proportion in Vietnam’s trade turnover (approximately 0.1 percent). Currently, Belarus is the 124th largest commodity export market of Vietnam and the 59th commodity supply market of Vietnam in the world. With favourable factors like fast economic growth, and growing commodity exchange demands, Vietnam and Belarus can expand their bilateral relations in education, manufacturing, construction, infrastructure development, agricultural modernisation, and other fields.

 

Mr Phong said, to grasp and make full use of these favourable factors, Vietnamese companies need to focus on developing their advantages, and build strategic business plans to catch new global trends. Belarus is strong at mechanical engineering, education and telecommunications. Meanwhile, Vietnam has great advantages and potential in abundant human resources, diverse natural resources, and a favourable geographical location. Vietnam is also known for its political, economic and social stability and security, with prospects for sustainable economic development in accordance with market mechanisms and open international economic integration. These strengths, once combined, will create tremendous benefits for both sides.

 

At the forum, Belarusian Deputy Prime Minister Vladimir Semashko said Belarus is participating in the largest cooperation projects in the world and it may invite Vietnam to join together, as in machine manufacturing, truck production, and mining vehicle production. Belarus has world-renowned carmakers, and Vietnam and Belarus can cooperate and build vehicle assembly joint ventures in Vietnam and can change to suit Vietnam’s conditions and context.

 

Besides, he said that the two sides can collaborate in other fields like railway, fertilisers and petrochemicals that Vietnam needs to import.

 

The forum also witnessed the signing of important agreements between Vietnamese and Belarusian businesses in agriculture, food and chemicals.