Kazakhstan promotes investment co-operation with Vietnam

Thursday, 2014-01-16 17:26:13
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Oil and gas industry is one of the most promising investment co-operation areas between Vietnam and Kazakhstan
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Nhan Dan/VNA - The Kazakh Parliament’s Lower Chamber on January 15 approved a draft agreement on investment encouragement and protection with Vietnam.

Kazakh Minister of Economy and Budget Planning Erbolat Dossaev said the draft provides information on regulations relating to export, nationalisation, compensation and divergence settlements.

It also covers the establishment of an international court to solve disputes (if any) between the two countries, he added.

According to the minister, two-way trade between Kazakhstan and Vietnam during the first 11 months of 2013 reached US$221.8 million. Of the total, the country’s export turnover to Vietnam was only US$1.4 million.

One of the most promising investment co-operation areas is the oil and gas industry, with a partnership between the NC KazMunaiGas Joint Stock Company and the Vietnam National Oil and Gas Group (Petro Vietnam) possible, he said.