Vietnam And Kazakhstan Promote Bilateral Cooperation

Marked by the visits of senior leaders of the two countries, bilateral relations between Vietnam and Kazakhstan have gained significant momentum.

Rosie Nguyen

ngtrang12.ftu@gmail.com May 16, 2024 | 08:51

Vietnam And Kazakhstan Promote Bilateral Cooperation

congthuong.vn

In 1959, President Ho Chi Minh visited Kazakhstan, setting a good milestone for the two countries' relations. In June 1992, Vietnam and Kazakhstan established diplomatic relations. Over the past 30 years, the relationship between the two countries has achieved positive results.

From October 2016 until now, when the free trade agreement (FTA) between EAEU and Vietnam took effect, the trade turnover between the two countries has grown positively, on average about 28%/year in the period 2017-2021.

According to the European-American Market Department (Ministry of Industry and Trade), in 2021, bilateral turnover between the two countries reached US$615.5 million (the highest ever), an increase of 72.4% compared to 2020.

In 2021, Vietnam exported US$549.7 million, an increase of 72.8%. Vietnam imported US$65.8 million, an increase of 69.5%.

Vietnam's main export items to Kazakhstan include phones of all types and components (market share of about 65% in 2023), computers, electronic products and accompanying components (12%), machinery, equipment, tools and other spare parts (7%), fruit and vegetables (2%), cashew nuts, shoes, textile products (each item accounts for 1%).

Vietnam imports iron and steel products, base metals, wheat, and cotton from Kazakhstan.

In 2023, Vietnam has no need to import iron and steel of all kinds from Kazakhstan, even though it was the most imported product from Kazakhstan in previous years.

Regarding investment, according to data from the Ministry of Planning and Investment, as of April 2024, Kazakhstan has six investment projects in Vietnam with a total investment capital of US$0.56 million.

Kazakhstan ranked 108/145 countries and territories investing in Vietnam. Currently, Vietnam does not have any investment projects in the Kazakhstan market.

Kazakhstan Ambassador to Vietnam Kanat Tumysh said that the Vietnam-Eurasian Economic Union FTA is a complementary driving force for the development of bilateral trade between the two countries. Currently, Kazakhstan ranks second in terms of trade turnover with Vietnam among EAEU member countries.

According to the Ambassador, Kazakhstan's export growth potential to Vietnam is US$500 million in fields such as food, construction, chemicals, metallurgy, and petrochemicals. In 2024, the two countries can increase trade turnover from US$1.5 to US$2 billion.

On February 27, 2024, Minister of Industry and Trade Nguyen Hong Dien received the Minister of Trade and Integration of Kazakhstan. Photo: congthuong.vn

According to the European-American Market Department (Ministry of Industry and Trade), bilateral relations between Vietnam and Kazakhstan have gained significant momentum, marked by high-level visits by the leaders of the two countries.

According to Vietnam's Ministry of Industry and Trade, to promote economic, trade and scientific-technical cooperation, in recent years, functional units of the Ministry have stepped up trade promotion work, encouraging businesses of the two countries to increase exchanges.

The Ministry developed specific action plans so that the two countries' goods can penetrate deeply into each other's markets. They also organized high-level bilateral meetings.

At the end of February 2024, Minister of Industry and Trade Nguyen Hong Dien had a bilateral meeting with Kazakhstan's Minister of Trade and Integration Arman Shakkaliyev.

During the meeting, the two Ministers discussed the implementation of the joint action plan on promoting economic and trade cooperation between Vietnam and Kazakhstan for the period 2023-2025.

To strengthen economic and trade cooperation, from May 12-17, the Government's delegation led by Minister of Industry and Trade Nguyen Hong Dien went on a business trip to Kazakhstan and Bulgaria.

During his business trip to Kazakhstan, Minister Nguyen Hong Dien and the delegation of the Ministry of Industry and Trade had bilateral working sessions and meetings with partners.

It is expected that through the delegation's visit, the relationship between Vietnam and Kazakhstan will be strengthened, opening up new prospects in bilateral relations as well as cooperation in regional and international forums, in the context of today's complex and unpredictable world developments.

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