The Vietnam Trade Office in Belarus is responsible for supporting businesses of all parties to connect trade and promote economic cooperation.
Basic information on Vietnam - Belarus trade relations
In 1993, Vietnam and Belarus signed an Agreement on Investment Promotion and Protection; an Agreement on visa exemption for citizens of the two countries traveling to each other for official purposes.
In 1995, signed the Agreement on the establishment of the Vietnam - Belarus Intergovernmental Commission on economic - trade and scientific - technical cooperation.
In 1997, the two countries signed the Treaty on Friendship and Cooperation; the Agreement on the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income and property.
In 1998, Belarus established an embassy in Vietnam.
In 2003, Vietnam established an embassy in Belarus.
In 2007 - 2009, the two countries signed an Air Transport Agreement; a Consular Agreement; an Agreement on principles of cooperation between local administrative agencies of Vietnam and local executive and command agencies of Belarus.
In 2011, the two countries signed an Agreement on temporary employment of citizens of the two countries in each other's territories (effective from June 2013).
2013, Signed Agreement on Cooperation in the Field of Information and Communications.
In 2016, the Protocol on supporting the production of motor vehicles in the territory of Vietnam (first amendment in 2017, second amendment in 2020).
In 2023, sign an Agreement on cooperation in the field of education (replacing the Agreement signed in 2011).
Bilateral trade cooperation
Vietnam and Belarus have complementary economic advantages and great potential to promote trade in many fields. In recent years, bilateral relations between the two countries have recorded many positive developments, with increased trust and regular exchanges of delegations at all levels.
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| On the morning of December 8, 2023, Prime Minister Pham Minh Chinh chaired the official welcoming ceremony for Prime Minister of the Republic of Belarus Roman Golovchenko and the high-ranking delegation of the Government of the Republic of Belarus. Photo: VGP/Nhat Bac |
In particular, the official visit to Vietnam by Belarusian Prime Minister Roman Golovchenko in December 2023 opened a new direction for deeper cooperation between the two sides.
In 2023, the total trade turnover between Vietnam and Belarus reached 65.3 million USD. As of the first quarter of 2024, Belarus had invested 32.25 million USD in 3 projects in Vietnam.
In particular, with Vietnam having implemented the Free Trade Agreement (FTA) with the Eurasian Economic Union, of which Belarus is a member, this will be a driving force to promote cooperation in the future. In addition to bilateral relations, Vietnam and Belarus are both members of the Eurasian Economic Union (EAEU), which is a favorable condition for the two countries to bring their cooperation to a new, more effective level.
Belarus has a population of just over 9 million but is part of the Eurasian Economic Union of 184 million people with a unified customs policy, free movement of goods, services, capital and labor with Russia, Kyrgyzstan, Kazakhstan and Armenia. Belarus also has equal business conditions, unified regulations on technical standards, common sanitary, veterinary and phytosanitary standards. Belarus has an open economy with more than 63% of the value of goods and services for export.
Belarus's main exports are petrochemicals, machinery, metallurgy, wood and wood products, textiles, dairy and meat products, furniture, glass, fiberglass, cement. Meanwhile, Belarus imports energy, raw materials and components, spare parts for machinery and technological equipment.
The two countries can also cooperate in the supply and production of automobiles, electric passenger vehicles, and construction machinery. In addition, Belarus's healthcare and pharmaceutical industries are also very developed and can cooperate and share with Vietnam experiences in developing high-quality healthcare.
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| Signing ceremony of the Memorandum of Understanding on cooperation between the National Center for Marketing and Price Research of Belarus and the Trade Promotion Agency (Ministry of Industry and Trade). Photo: Moit |
Advantages and disadvantages of exporting to Belarus
In 2023, the total trade turnover between Vietnam and Belarus will reach 65.3 million USD. According to the Vietnam Trade Office in Belarus, Vietnam has the opportunity to increase the quantity of food, foodstuffs, and consumer goods exported to Belarus. However, currently, transportation and payment are still the stages facing many difficulties due to the embargo. First, the cost will be high, making imported goods more expensive and less competitive.
Payments will also be difficult as most banks are expected to stop transferring money in foreign currencies such as USD and Euro due to the upcoming embargo. Many Belarusian companies have switched to signing contracts in local currency, Russian Rubles, Chinese Yuan, Indian Rupees... with foreign partners. This will cause concern for foreign businesses, including Vietnamese businesses, when they want to exploit the market, find partners and transact with Belarusian businesses.
Business address: Minsk 220030, Krasnoarmeyskaia 22A/67, Belarus. Phone: (375)172-260647; Fax: (375)172-260647; Email: [email protected]. Counselor: Mr. Nguyen Tien Phuong. |
Source: https://congthuong.vn/tong-quan-ve-thuong-vu-viet-nam-tai-belarus-366974.html
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