Deputy Prime Minister Trinh Dinh Dung and his Belarusian counterpart, during a meeting in Hanoi on October 26th, agreed the two countries held great potential for economic and trade cooperation as the Vietnam and Eurasia Economic Union (EAEU) Free Trade Agreement went into effect.

Deputy Prime Minister Trinh Dinh Dung and his Belarusian counterpart Vladimir Semashko (Photo: VGP)

Addressing the meeting, Deputy Prime Minister Trinh Dinh Dung said that over the past years, the political and diplomatic relationship between the two countries had developed very strongly. However, the economic, trade and investment cooperation has not matched its potential, with the two-way trade turnover in 2015 of only USD125 million.

According to the Vietnamese Deputy Prime Minister, the Vietnam – EAEU Free Trade Agreement which went into effect on October 5th is an opportunity and favourable condition for the two countries to increase cooperation in economic, trade and investment areas.

Belarusian Deputy Prime Minister Vladimir Semashko shared the viewpoint of Vietnamese Deputy Prime Minister Trinh Dinh Dung that the traditional friendly relationship between the two countries was a convenient factor for the cooperation. Meanwhile, the two countries’ leaders paid great attention to promoting the cooperation, especially in energy, engine manufacturing, automobiles, education and training.

“Belarus attaches great importance to expanding cooperation with Vietnam, especially in economics, trade and investment,” he confirmed.

He added that agencies from the two countries would work more strictly with each other to tackle any obstacles for raising the two-way trade turnover to some USD500 million per year.

In the near future, Belarus’ large enterprises, including those in mechanics, energy, automobile, engine manufacturing and rubber will come to Vietnam seeking opportunities and cooperation with Vietnamese firms, as well as expanding existing projects.

Vietnamese Deputy Prime Minister Trinh Dinh Dung, during the meeting, urged Belarus to create favourable conditions for Vietnamese commodities, especially agricultural products, to enter the Belarusian market./.

( Compiled by VNF )