Vietnam-Mongolia Trade, Cooperation Strengthened

Mongolian President Natsagiin Bagabandi visited Vietnam from January 19-23, 2005.  He was accompanied by members representing 16 enterprises from various fields such as: consultancy, trade, material construction, foodstuff, finance, banking, tourism, insurance and mining seeking business opportunities in Vietnam.

Vietnam is one of Mongolia’s traditional Southeast Asian partners in trade and economic cooperation. In the last few years, the total trade of the two countries amounted to only US$1.5 million. Vietnam mostly exports foodstuffs like nuts, canned fruit, rice, toothpaste, washing powder and vegetable goods and imports oil products from Mongolia. As of 2003, the total trade between the two countries reached to US$1.7 million; exports to Mongolia were US$0.15 million, and imports to Vietnam were US$1.72 million. By the first ten months of 2004, total imported goods had reached US$1.9 million.

From 1991 to 2004, a total of US$383 million has been directly invested by 15 Vietnamese companies. Some are fully owned by Vietnamese and some are joint ventures. Vietnam ranks 23^rd in foreign investment in Mongolia.

Most Vietnamese investments are in the following sectors: trade, cafeteria, transport, engineering and construction, construction material, agriculture, farming, beauty and health services.

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