Vietnam willing to facilitate Mongolian investments in Vietnam

In a speech at the Vietnam-Mongolia Business Forum on July 14 as part of his ongoing official visit to Mongolia, the Vietnamese PM said the bilateral political ties have grown in recent times but their trade links is still far from matching their full potential.The Vietnamese and Mongolian Governments consent to create the most favorable conditions for the two countries’ enterprises to further expand trade and investment links

He briefed Mongolian investors and businesses on the great potential of the Vietnamese market, saying that Vietnam wants to invest in mining, technology, tourism, infrastructure development and some other areas in the Central Asian nation.

Representatives from the two sides’ businesses highlighted the great potential for stronger cooperation between the two nations’ companies, and expressed their interest about a series of cooperation fields, including agriculture, food, tourism, construction, mining, textiles and garments.

The Vietnam-Mongolia Joint Business Council was set up to push trade and investment links, especially in hi-tech agriculture and farm products.

The two Governments should consider opening a direct air route between the two nations to facilitate import-export activities and comprehensive cooperation among their firms, they said.

Vietnam hopes to export farm produce, food, aquatic products, fruit and vegetables and electronics, PM Phuc noted.

Mongolian investors expressed their readiness to work hand in hand with Vietnamese counterparts to export meat to Vietnam.

Vietnam is home to 21,000 foreign investors from over 100 countries and territories, with a total investment of US$300 billion. The country’s GDP stands at more than US$200 billion.

Vietnam has engaged in 13 free trade agreements (FTAs), especially new-generation FTAs. It is now a key member of ASEAN, and also one of the 12 founding members of the Trans-Pacific Partnership (TPP) – the world’s largest trade deal, which will be signed in the near future.

Mongolia has been intensifying restructuring its business system. Mongolian companies are also active in seeking to boost economic and trade links with nations worldwide, including Vietnam – a potential market in many fields.

Currently, two-way bilateral trade between the two nations reach roughly US$175 million.

Vietnam's main exports include phones, fruit and vegetables and consumer products to Mongolia, while importing metals and materials for the garment and footwear sectors from Mongolia.