Kazakhstan is ready to increase exports to Vietnam by more than $500 million

The 10th meeting of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation between Kazakhstan and Vietnam was held in Hanoi (Vietnam) under the co-chairmanship of Vice Minister of Trade and Integration Kairat Torebayev and Deputy Minister of Industry and Trade of Vietnam Dang Hoang An.

The work of the Intergovernmental Commission was attended by the Ambassador Extraordinary and Plenipotentiary of Kazakhstan, as well as representatives of interested state bodies and organizations of the two countries.

In his welcoming speech, Vice Minister Kairat Torebayev confirmed his desire to strengthen bilateral cooperation in various fields and stressed the role of the Intergovernmental Commission as an important mechanism for expanding cooperation between Kazakhstan and Vietnam.

In general, the agenda of the meeting included a wide range of issues aimed at further development and expansion of cooperation in trade, economic, investment, banking, agriculture, transport, culture, tourism and sports.

In order to increase mutual trade between Kazakhstan and Vietnam, the Vice Minister announced his readiness to supply about 90 processed goods of various industries worth $530.8 million to the Vietnamese market.

It should be noted that Kazakhstan and Vietnam, being parties to the Free Trade Agreement between the Eurasian Economic Union and the Socialist Republic of Vietnam, will continue to work together within the framework of providing preferences for the business circles of the two countries to expand exports and imports of goods between the two countries, as well as the creation of joint ventures.

The Commission has identified the following joint activities as the main ones in cooperation in the near future:

- creation of the Kazakh-Vietnamese Business Council,

- elaboration of the signing of a number of documents in the field of mutual trade promotion (memoranda of cooperation between KazakhExport and QazTrade with the Trade Promotion Agency under the Ministry of Trade and Industry of Vietnam; Agreement in the field of veterinary medicine between the Ministries of agriculture of the two countries; Memorandum between the National Agrarian University of Kazakhstan and the Academy of Agriculture of Vietnam, as well as agreements on mutual cancellation of visa requirements and for the dissemination and adoption of national standards).

Moreover, in order to restore contacts in the post-pandemic period, the parties will resume work on the creation of a Subcommittee on Agriculture, the first meeting of which will be held early next year.

The trade turnover between Kazakhstan and Vietnam in January-July 2022 increased by 3.6% and amounted to 203.7 million dollars.

Exports amounted to 27.7 million US dollars, imports – 176 million US dollars.