Vietnam-Mongolia Business Forum: Reinforcing Trade and Investment Ties

9:09:29 AM | 11/18/2023

The Vietnam-Mongolia Business Forum, hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi, aimed to bolster and reinforce the partnership in the realms of economics and investments between Vietnam and Mongolia.

Leaders of Vietnam and Mongolia participate in the ceremony announcing Vietjet's new routes connecting Ulaanbaatar, the capital of Mongolia and Nha Trang, Vietnam

In his address at the forum, Vietnamese Deputy Prime Minister Tran Luu Quang underscored the optimistic growth of traditional friendship and multifaceted cooperation between Vietnam and Mongolia. The bilateral trade value doubled between 2017 and 2022, reaching approximately US$45 million in the first half of 2023. Deputy Prime Minister Quang expressed hopes of elevating the two-way trade value to US$100 million this year.

Furthermore, Deputy Prime Minister Quang highlighted Vietnam's commitment to economic restructuring, industrialization, and modernization, driven by advancements in science, technology, and innovation. In this context, Vietnam extends a warm invitation to foreign businesses, including those from Mongolia, to actively partake in this journey.

To foster their economic collaboration, Vietnam and Mongolia will continue to enhance cooperation, aiming to maximize the effectiveness of regional and global economic integration. The plan involves utilizing existing cooperation mechanisms and streamlining import and export activities to expedite the objective of increasing trade value to US$200 million in the near future.

President of Mongolia Ukhnaagiin Khurelsukh, in attendance at the forum, expressed his delight and optimism regarding the event's potential to deepen cooperation and stimulate economic relations between the two nations. He further announced that Mongolia and Vietnam have agreed to elevate their diplomatic relations to a comprehensive partnership, coinciding with the 70th anniversary of diplomatic ties in 2024. Additionally, the two countries have signed a visa waiver agreement for diplomatic passport holders, official passport holders, and ordinary passport holders, aiming to facilitate people-to-people exchanges and business collaboration.

President Khurelsukh mentioned Mongolia's significant trade agreements with various countries, including the Two-Way Tax Avoidance Agreement and the Investment Promotion and Protection Agreement. He emphasized Mongolia's promising opportunities for tax-free merchandise exports to Europe, particularly within the framework of the European Union's Generalized Scheme of Preferences.

Moreover, President Khurelsukh highlighted the establishment of Mongolia's Ministry of Economic Development, designed to enhance the operations of foreign trade and foreign investment agencies. He pledged that Mongolia would maintain a special focus on providing a stable work environment and a favorable legal framework for foreign investors, including those from Vietnam.

Within the forum's framework, President Khurelsukh and Deputy Prime Minister Tran Luu Quang presided over the announcement ceremony for the launch of a direct flight route connecting Nha Trang City (Khanh Hoa) and Ulaanbaatar (Mongolia). This significant step aims to bolster people-to-people interactions and simplify the activities and collaborations of Vietnamese and Mongolian businesses.

This forum underlines the mutual respect and strong commitments of both countries toward enhancing economic and investment collaboration, particularly in light of the 70th anniversary of diplomatic relations in 2024. The signing of the "Comprehensive Partnership" Agreement in 2024, alongside the initiation of direct flights between two pivotal cities, signifies crucial strides in bolstering bilateral ties and unleashing a wealth of new opportunities for future cooperation.

By Thu Huyen, Vietnam Business Forum