Efforts made to increase Vietnam – Belarus trade turnover to USD500 million

The 13^th meeting of the Vietnam – Belarus Inter-Governmental Committee on economics, trade, science and technology cooperation took place on October 27^th to assess the cooperation program in the 2016-2018 period, as well as obstacles affecting the cooperation.

Eight cooperation documents signed among ministries and enterprises at the meeting (Photo: VGP)

Between 2015 and 2016, the two countries carried out perse trade promotion programs by joining fairs and exhibitions; providing information about the markets, enterprises and goods in each country.

In the industrial area, the two sides have efficiently carried out some activities, including applying the protocol between the two Governments on cooperating in the production of engine transport vehicles in Vietnam, establishing the joint-venture on automobile production in Hung Yen province, and putting into operation a 90-ton Belaz truck in Vietnam.

Progress has also been reported in agricultural, scientific, technological, cultural, sports, tourism, information and communications, transport, labour, education and training, healthcare and pharmacy, financial and banking cooperation.

However, attending the meeting, Belarusian Deputy Prime Minister Vladimir Semashko said that the two-way trade turnover of USD150 million was a modest number. “I hope the Vietnam-Eurasia Economic Union Free Trade Agreement will help increase the figure to USD1 billion in the next 2 years, not USD500 million as discussed by the two countries’ leaders,” he added.

Agreeing with the Belarusian Deputy Prime Minister, Vietnamese Minister of Industry and Trade Tran Tuan Anh said that the target of USD500 million in two-way trade turnover must be realized in the years to come.

According to the Vietnamese Minister, the two sides will open doors to agricultural and forestry products, consumption goods, industrial devices and agricultural machines.

Statistics from the Vietnamese Ministry of Industry and Trade show that the two-way trade turnover in 2015 increased to USD124.7 million after 2 years of reduction/.

( Compiled by VNF )