Vietnam promotes economic, trade, investment cooperation with Central Asian countries

The Ministry of Industry and Trade (MoIT) will take measures to promote economic, trade and investment cooperation between Vietnam and five Central Asian countries (C5) of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.
Cargo handled at Cat Lai Port. (Photo: VNA)
Cargo handled at Cat Lai Port. (Photo: VNA)

According to the ministry, those countries have good traditional friendship relations with Vietnam and leaders of the two sides have paid much attention to promoting their cooperation. However, Vietnam-C5 economic, trade, and investment cooperation are still modest despite their great potential.

Meanwhile, C5 is emerging as a region of geopolitical and geo-economic importance in the world and many large economies such as the US, China, Russia, Turkey, and the EU are promoting their cooperation with it.

Building and implementing comprehensive solutions to promote economic trade and investment cooperation between Vietnam and C5 countries is essential, the ministry said.

In a recent notice, the ministry asked relevant departments and agencies to implement measures including perfecting the legal framework for economic-trade cooperation between Vietnam and C5 countries, developing a project on economic and trade promotion, holding meetings at ministerial and deputy ministerial levels, and enhancing the work of the intergovernmental committee mechanisms with Kazakhstan and Uzbekistan.

For Kyrgyzstan, Tajikistan, and Turkmenistan that currently do not have an intergovernmental committee mechanism with Vietnam, it is necessary to study an economic and trade consultation mechanism to agree on cooperation frameworks between the two sides.

The MoIT will coordinate with the Ministry of Agriculture and Rural Development and relevant establishments to work towards conclusion of agreements in the field of plant and animal inspection, and mutual recognition of product quality certificates to support Vietnam's export activities to C5 countries.

The ministry will provide information on C5 countries to Vietnamese businesses and assist in seeking suitable and safe payment methods for trading with partners in this region.

In addition, the Department of Trade Promotion under the MoIt was asked to preside over and coordinate with research units to annually organise trade and investment promotion delegations to attend large and prestigious fairs, exhibitions, and seminars held in C5 countries. Vietnam will boost promotions for Vietnamese industries, brands, and products to C5 businesses and consumers.