Opportunities to expand economic cooperation between Vietnam

On November 2, within the framework of his state visit to Vietnam, Mongolian President Ukhnaagiin Khurelsukh and Deputy Prime Minister Tran Luu Quang attended the Vietnam - Mongolia Business Forum.

Speaking at the forum, Deputy Prime Minister Tran Luu Quang affirmed that in recent years, the traditional friendship and multifaceted cooperation between Vietnam and Mongolia have been growing. In the period 2017 - 2022, two-way trade turnover doubled. In the first 6 months of 2023, bilateral trade turnover reached about 45 million USD.

On that basis, the Deputy Prime Minister believes that the two countries will achieve the goal of increasing bilateral trade turnover to 100 million USD this year.

Event - Opportunity to expand economic cooperation between Vietnam - Mongolia — Deputy Prime Minister Tran Luu Quang speaks at the Forum (Photo: VGP).

Emphasizing that Vietnam and Mongolia are preparing activities to celebrate the 70th anniversary, Deputy Prime Minister Tran Luu Quang hopes that the business communities of both sides will be an important force contributing to strongly promoting relations between the two countries in the coming time, especially in the fields of economy, investment and tourism.

Stating that Vietnam is promoting economic restructuring and industrialization and modernization based on science, technology and innovation, the Deputy Prime Minister stated that in that process, Vietnam welcomes the active participation of foreign enterprises, including Mongolian enterprises.

To further promote economic cooperation between the two countries, Deputy Prime Minister Tran Luu Quang suggested that the two sides coordinate and support each other to improve the effectiveness of regional and international economic integration; continue to exploit existing cooperation mechanisms, including the Vietnam - Mongolia Intergovernmental Committee; facilitate import and export activities to soon complete the goal of raising bilateral trade turnover to 200 million USD in the coming time.

The two sides need to step up investment promotion activities in each country; expand cooperation to diversify supply chains, especially in industries where both sides have strengths; actively support businesses from each country to come to research, explore investment opportunities, and expand markets.

The Deputy Prime Minister also suggested that both sides continue to promote potential areas of cooperation, such as tourism, labor and cooperation through local channels. In particular, ministries, sectors and localities of the two countries need to continue to promote initiative and creativity, support the business community to strengthen connections and build sustainable cooperative relations.

Expressing his pleasure to attend and speak at the Vietnam - Mongolia Business Forum, Mongolian President Ukhnaagiin Khurelsukh said that the Forum will make an important contribution to enriching cooperation contents, especially contributing to developing and expanding economic cooperation between the two countries in the coming time.

In front of the business communities of the two countries, President Ukhnaagiin Khurelsukh announced that he and senior leaders of Vietnam agreed to upgrade the Mongolia-Vietnam cooperative relationship to a “Comprehensive Partnership” on the occasion of the 70th anniversary of the establishment of diplomatic relations in 2024; at the same time, he said that the two sides signed an agreement on visa exemption for holders of diplomatic, official and ordinary passports through this visit, contributing to connecting people-to-people exchanges, creating favorable conditions for activities and cooperation between businesses of the two countries.

Event - Opportunity to expand economic cooperation between Vietnam - Mongolia (Image 2). — Mongolian President Ukhnaagiin Khurelsukh and Deputy Prime Minister Tran Luu Quang and delegates attend the Vietnam - Mongolia Business Forum (Photo: VGP).

President Ukhnaagiin Khurelsukh said that Mongolia has now signed bilateral tax avoidance agreements with 26 countries and bilateral investment promotion and protection agreements with 43 countries. In addition, goods produced in Mongolia have the opportunity to enjoy tax incentives in many countries, such as within the framework of the European Union's Generalized System of Preferences (GSP), Mongolia can export 7,200 products to the European Union market duty-free.

Regarding the establishment of a new Ministry of Economic Development in Mongolia to promote the activities of foreign trade and investment agencies, President Ukhnaagiin Khurelsukh affirmed that the Mongolian government will continue to pay special attention to creating stable working conditions and a legal environment for foreign investors, including Vietnamese enterprises.

The President said that Vietnam and Mongolia have great potential and opportunities for cooperation in areas such as food, energy, agriculture, mining, transportation, environment and tourism. Businesses of the two countries can completely cooperate in the direction of supplying iron ore, coke, mining and processing of rare earths .

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