Vietnam-Mongolia aim for trade turnover of 100 million USD in 2023, announce direct flight route

On the morning of November 2, Mongolian President Ukhnaagiin Khurelsukh and Deputy Prime Minister Tran Luu Quang attended the Vietnam-Mongolia Business Forum in Hanoi .

Vietjet Air mở đường bay thẳng từ Nha Trang đến Ullaanbaatar,Mông Cổ

The Vietnamese Embassy in Mongolia, the Mongolian Chamber of Commerce and Industry in collaboration with the Vietnam Confederation of Commerce and Industry (VCCI) and relevant Vietnamese agencies organized the Vietnam-Mongolia Business Forum. (Photo: Tuan Viet)

The organization of the Vietnam-Mongolia Business Forum aims to promote and boost cooperation between businesses of the two countries in the fields of agriculture , mining, construction and infrastructure, tourism, production, education, logistics, health, etc. The Forum has the participation of leaders of ministries, branches, agencies, organizations; representatives of associations and businesses of Vietnam and Mongolia.

At the Forum, Deputy Prime Minister Tran Luu Quang affirmed that the traditional friendship and multifaceted cooperation between Vietnam and Mongolia are growing. In the 2017-2022 period, two-way trade turnover has doubled.

In the first 6 months of 2023, bilateral trade turnover reached about 45 million USD. The Deputy Prime Minister believes that the two countries will achieve the goal of increasing bilateral trade turnover to 100 million USD this year.

Deputy Prime Minister Tran Luu Quang speaks at the Forum. (Photo: Tuan Viet)

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.

Mongolian President Ukhnaagiin Khurelsukh said that the Forum will make an important contribution to enriching cooperation contents, especially contributing to expanding economic cooperation between the two countries in the coming time. (Photo: Tuan Viet)

In front of the business communities of the two countries, President Ukhnaagiin Khurelsukh announced that he and the Vietnamese leaders had 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; and said that the signing of the visa exemption agreement for holders of diplomatic, official and ordinary passports through this visit would contribute to connecting people-to-people exchanges and creating favorable conditions for activities and cooperation between businesses of the two countries.

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.

Informing that Mongolia has established a new Ministry of Economic Development 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.

Vietjet Air's Nha Trang - Ulaanbaatar direct flight announcement ceremony. (Photo: Tuan Viet)

At the Forum, Mongolian President Ukhnaagiin Khurelsukh and Deputy Prime Minister Tran Luu Quang along with delegates from the two countries witnessed the announcement ceremony of the opening of a direct flight between Nha Trang city (Khanh Hoa) and the capital Ulaanbaatar (Mongolia).

Signing ceremony of strategic cooperation 2024 between Vinpearl Joint Stock Company and Mongolia Tourism Company Limited. (Photo: Tuan Viet)

On the sidelines of the Forum, Mongolian President Ukhnaagiin Khurelsukh and Deputy Prime Minister Tran Luu Quang visited a booth displaying typical Mongolian products. (Photo: Tuan Viet)

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