Vietnam, Mongolia Advance Economic and Logistics Ties

President of the Vietnam Chamber of Commerce and Industry (VCCI) Ho Sy Hung recently hosted a working session with Mongolia’s Ambassador Jigjee Sereejav to discuss measures to strengthen economic ties, ease logistics bottlenecks, and support businesses in both countries.

At the meeting, Ambassador Jigjee Sereejav praised the strong growth in trade relations between Vietnam and Mongolia in recent years, adding that Vietnamese goods have steadily built a firm presence in the Mongolian market, accounting for about 75% of total bilateral trade turnover.

On the investment front, both sides noted positive momentum from major corporations. A Mongolian firm has invested US$3 million in a pharmaceutical and cosmetics plant in Vietnam, while Vietnamese companies, particularly Hoa Phat Group, are keen to import coking coal and iron ore from Mongolia to support steel production.

VCCI President Ho Sy Hung welcomed the recent progress in the friendship between Vietnam and Mongolia, affirming that VCCI is ready to act as a bridge for businesses from both countries. He stressed the need for transparent market information, clear investment policies, and Mongolia’s list of preferential projects.

A key topic of the discussion was railway transport. Both VCCI and the Mongolian Embassy agreed that logistics remains the main barrier to expanding trade. To address this issue, Ambassador Jigjee Sereejav proposed advancing a trilateral railway transport agreement among Vietnam, China, and Mongolia. Despite differences in rail gauge that increase transshipment costs, establishing a stable transport corridor would allow Vietnamese goods not only to reach Mongolia but also to move further into Central Asian and European markets.

VCCI President Ho Sy Hung agreed with the proposal to establish a trilateral railway route, while also calling for stronger information-sharing channels, regular market updates, and clearly defined investment portfolios backed by stable long-term policies. VCCI is ready to coordinate business delegations to conduct on-site surveys in Mongolia’s key economic regions once transport barriers are eased.

VCCI President Ho Sy Hung also spoke about the changing investment approach of Vietnamese enterprises. Alongside traditional agricultural products, major industrial groups in Vietnam are turning their attention to Mongolia as a strategic source of raw materials and a promising energy market.

Ambassador Jigjee Sereejav added that the Ministry of Economy and Development of Mongolia has established an Investor Protection Center to help resolve challenges and provide information to foreign businesses. Both sides agreed to strengthen coordination in developing online information portals and organizing regular business forums to connect potential partners directly.

By H.Ly, Vietnam Business Forum