Prime Minister Nguyen Xuan Phuc speaks at the forum (Source: VNA)
Ulan Bator (VNA) – Leaders of the Vietnamese and Mongolian Governments agreed to create the most favorable conditions for the two countries’ enterprises to further expand trade and investment links in the time ahead, said Prime Minister Nguyen Xuan Phuc.

Addressing the Vietnam-Mongolia Business Forum on July 14 during his ongoing official visit to Mongolia, the Vietnamese leader stressed that the bilateral political ties have fruitfully developed in recent times but their trade bonds do not match with the existing potential.

He briefed Mongolian investors and businesses on the huge potential of the Vietnamese market, saying that Vietnam wishes to invest in mining, technology, tourism, infrastructure development and some other fields in Mongolia.

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.

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

They suggested the two Governments consider opening a direct air route between the two nations to facilitate import-export activities and multi-faceted cooperation among their firms.

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

Meanwhile, Mongolian investors said they are willing to cooperate with Vietnamese counterparts to ship meat to Vietnam.

Mentioning difficulties facing the two countries’ enterprises in transporting commodities caused by geographic distance, the PM said that the two governments will discuss the matter.

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

Vietnam has joined 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 accelerating 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.

At present, two-way bilateral trade between the two nations hits about 175 million USD.

Vietnam mainly exports phones, fruit and vegetables and consumer products to Mongolia, while importing metals and materials for the garment and footwear sectors from the East Asian nation.-VNA