Vietnam and Kazakhstan Reinforce National Cooperation
|Vietnam-Kazakhstan Intergovernmental Committee on economic-trade and scientific-technical cooperation. Photo: dangcongsan.vn|
The session was hosted by Deputy Minister of Industry and Trade of Vietnam Dang Hoang An and Deputy Minister of Trade and Integration of Kazakhstan Kairat Torebaev.
The Committee assessed the cooperation between Vietnam and Kazakhstan from 2019 to 2022, the results achieved by the two countries in economy and trade. They also commented on the difficulties and obstacles existing between the two countries.
Regarding economic and trade cooperation, according to Vietnam's statistics, in 2021, the bilateral turnover between the two countries reached US$615.5 million, an increase of 72.4% compared to 2020, in which Vietnam exported US$549.7 million, up 72.8%. Vietnam imported US$65.8 million, up 69.5%.
According to statistics from Kazakhstan, trade turnover between the two countries in 2021 reached US$426.1 million, up 11.9% compared to 2020 (US$380.8 million), of which Kazakhstan exported US$81.3 million (up 41.9%), imported US$344.7 million (up 6.6%).
|Illustrative image. Source: vneconomy|
The main export items of Vietnam include phones and components, machinery, equipment, tools and spare parts, computers, electronic products and associated components, vegetables and fruits, cashew nuts. Vietnam imports from Kazakhstan the following products: iron and steel, other common metals.
Regarding investment, as of August 2022, Kazakhstan had 5 investment projects in Vietnam with a total capital of US$533 thousand. Currently, there are no investment projects from Vietnam to Kazakhstan.
Cooperation in other fields also achieved positive results. In the banking sector, from 2019 to 2021, the revenue of payment and money transfer between Vietnam and Kazakhstan had grown.
In transportation, in 2020-2022, railway transport enterprises of the two countries have promoted intermodal container transportation between Vietnam, China and Kazakhstan with a frequency of 2 trains/week.
In culture, sports and tourism, in 2021, the two sides also organized the Kazakh Film Days in Da Nang city.
At the meeting, the two sides reached a number of new orientations in politics-diplomacy, economy-trade, investment, agriculture, banking, transportation, culture, sport and tourism.
To promote cooperation between Vietnam and Kazakhstan, the two sides agreed to exchange lists of potential export products of the two countries, considering the possibility of establishing a Vietnam-Kazakhstan Business Council.
In investment, the two sides agreed to support each other in attracting investment and building joint ventures in areas of mutual benefit. Those areas include agriculture, food production, light industry, mining, engineering, construction, transportation and logistics, science, technology cooperation, and information technology.
In agriculture, the two countries agreed to strengthen cooperation, especially in agricultural products and veterinary quarantine for the import/export of products of animal origin.
Regarding transportation, the two sides agreed to create favorable conditions to promote the opening of direct flights between the two countries. The two countries promote cooperation in air transport to contribute to the development of economic, trade and tourism.
In immigration, the Committee recommends considering the possibility of negotiating and signing a visa exemption agreement for ordinary passport holders.
At the end of the session, Deputy Minister of Industry and Trade Hoang Quoc Vuong and Deputy Minister of Foreign Affairs of Kazakhstan signed the minutes of the 8th session of the Intergovernmental Committee.
They signed the minutes of the 10th session of the Vietnam-Kazakhstan Intergovernmental Committee on economic-trade and scientific-technical cooperation.
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