Vietnam – Armenia: Toward Cooperation for Mutual Development

Prime Minister of Armenia Nikol Pashinyan and his spouse paid an official visit to Vietnam from July 4-7 at the invitation of Prime Minister Nguyen Xuan Phuc. During his four-day stay, the Vietnam Chamber of Commerce and Industry (VCCI) cooperated with the Armenian Embassy in Vietnam to host a meeting between the Armenian Prime Minister and leaders of some major Vietnamese businesses in a bid to help them seek and promote trade and investment ties with Armenia.

Addressing the gathering, VCCI President Vu Tien Loc said the two-way trade value is still modest, incommensurate with the potential and expectations of both countries. In 2018, the value reached US$3.6 million. Due to geographical distance, businesses of both sides still do not know much about markets, or investment and cooperation potential of each other.

However, Vietnam and Armenia currently have a positive foundation to develop economic and trade ties. Vietnamese and Armenian businesses can support each other to grow.

Vietnam can export seafood, agricultural products, electronics and apparels to Armenia while importing machinery, equipment, chemicals, plastics, and inputs for garment and footwear production from Armenia. In addition, Armenia has the potential to produce and export high-end electronics, copper, cables, cigarettes, milk, meat, cognac and jewelries and needs to import cereals, sugar, high-tech products and fuels.

With the Vietnam - Eurasian Economic Union Free Trade Agreement (the Eurasian Economic Union consists of Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia) officially signed on May 29, 2015, the visit by the Armenian Prime Minister will open a new chapter in bilateral cooperation, hoped Dr. Loc.

He affirmed that, as a national trade promotion agency, VCCI is committed to working closely with the Embassy of Armenia to develop plans for organizing cooperation programs and business forums to provide information and support for Armenian businesses exploring the Vietnam’s market and seeking partners in the country.

Armenian Prime Minister Nikol Pashinyan said Armenia will boost cooperation with Vietnam in agriculture, fisheries, garment and textile, technology, food, education and health.

“Vietnam and Armenia are far in geographical distance but they have many things in common from which they can share, cooperate and develop together. Thereby, businesses of the two countries can take advantage of the above potential to promote relations in politics, economy and trade,” he added.

In addition, Armenia is now capable of manufacturing and exporting high-end electronic products. Particularly, cognac - a strong product of Armenia - is being exported to many countries around the world at competitive prices.

The Armenian market has great import demand for grain, sugar, high-tech products and fuels which are potential for Vietnamese businesses to seek to export to Armenia. Moreover, tourism is also a very potential field when the Armenian government is simplifying visa procedures and facilitating foreign citizens in general and businesses in particular to Armenia.

Vietnam and Armenia established the Intergovernmental Committee on Economic, Trade, Scientific and Technical Cooperation, which gathered for the first time in 2017 in Hanoi. The two countries will hold the second meeting in Armenia this October, along with the Vietnam - Armenia Business Forum.

Quynh Anh