Vietnam, Kazakhstan look to tighten trade ties

Tuesday, 2017-12-05 16:55:45
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At the meeting.
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NDO – The eighth meeting of the Vietnam-Kazakhstan Intergovernmental Committee for economic, trade, scientific and technological cooperation opened in Hanoi on December 5, under the chair of Vietnamese Deputy Ministry of Industry and Trade Hoang Quoc Vuong and Kazakh Deputy Foreign Minister Akylbek Kamaldinov.

Addressing the event, Vuong summarised the implementation of the minutes of the seventh meeting, affirming that the eighth meeting is a significant milestone in facilitating the Intergovernmental Committee cooperation mechanism between the two countries in a more substantive and effective fashion, especially as Vietnam and Kazakhstan celebrate 25 years of bilateral diplomatic ties (June 29, 1992-2017).

Kazakhstan has fostered long-standing traditional relations with Vietnam, he said, stating that both sides value this relationship and wish to further accelerate bilateral cooperation across multiple fields, including economy, trade, oil and gas, education and training, tourism and culture.

At the meeting, the committee evaluated the Vietnam-Kazakhstan cooperation situation in the period of 2015-2017, whilst looking into the cooperation results reached in economy and trade, as well as the difficulties and obstacles that exist between the two countries.

According to the statistics provided by the Vietnamese side, Vietnam-Kazakhstan trade revenues in September 2017 reached US$184.9 million, representing a 42.7% increase compared to the same period of 2016.

Vietnam exported US$145.3 million worth of commodities to Kazakhstan in the first 10 months of the year, up 45.86% annually, whilst importing US$39.6 million worth of products, a year-on-year surge of 32.23%.

Vietnam’s key export items include telephones, computers, electronic items and auxiliaries, farm produce, fruits and vegetables, and iron and steel of different types, while its major imports from Kazakhstan are chemicals, ores, minerals and wheat, among others.

Both sides agreed that the growth rate of two-way trade is relatively fast, but still modest compared to the potential and traditional relationship between the two countries. They also reached a number of new orientations in the fields of agriculture, transportation and culture.

Concerning agriculture, the two sides agreed to establish a sub-committee within the framework of the Intergovernmental Committee, aiming to facilitate bilateral agro cooperation, especially in the exchange of farm produce of two countries’ strength.

In regard to culture and tourism, the Vietnamese side welcomed the organisation of the “Vietnam Day” event within the framework of the EXPO 2017 Astana in Kazakhstan, alongside the big cultural events hosted by both sides in celebration of the 25th anniversary of Vietnam-Kazakhstan diplomatic ties.

Regarding transportation, the Kazakh side highly appreciated the signing of a memorandum of understanding between the Vietnam Railways and the National Company Kazakhstan Temir Zholy, on the implementation of bilateral logistics cooperation, especially in the field of railway transportation, with the initiative of establishing a railway route between Vietnam and Kazakhstan that transits via a third country.

Concluding the session, the two deputy ministers signed the minutes of the eighth meeting of the Intergovernmental Committee.