HCM City (VNA) – Belarus, with a growing economy and a favourable investment policy, is emerging as a highly potential destination for Vietnamese businesses and investors, heard a seminar held in Ho Chi Minh City on March 19.
Tran Phu Lu, Director of the Investment and Trade Promotion Centre of HCM City (ITPC), said that amid intensive international integration, proactively seeking new markets and expanding trade and investment partnerships are crucial to the sustainable development of Vietnam, especially HCM City – the country’s southern economic hub.
The sound cooperation between Vietnam and Belarus have been reinforced strongly in recent years, especially since the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU) took effect. Under the deal, the two sides have cut about 90% of tariff lines on trade in goods, equivalent to over 90% of bilateral trade, generating big opportunities for Vietnamese businesses to enter the Belarusian market and other EAEU members.
Lu hailed the agreement on visa exemption for ordinary passport holders, coming into force on January 30, 2025, as another milestone of the two countries’ relations. He perceived that the move helps to not only enhance their friendship but also open up new chances in cultural exchange, trade, and tourism.
Data from Vietnam Customs show that bilateral trade has grown vigorously over the past years, standing at some 59.7 million USD in 2024, comprising 27.9 million USD in Vietnam’s exports to and 31.8 million USD in imports from Belarus, up almost 45% year on year.
Meanwhile, he went on, HCM City businesses’ interest in Eastern European markets, especially Belarus, has been increasing. Last year, the city’s exports to Belarus reached 3.6 million USD, primarily aquatic products, cashew nut, material plastics, machinery, equipment, and spare parts.
However, such figures have yet to be on par with the two countries’ cooperation potential and their businesses’ expectations, Lu opined, adding that Vietnamese firms are striving to explore new export markets, improve production capacity and competitiveness, and deeply engage in value chains, especially in new and potential markets like Eastern European ones.
Kiryl Halantsou, Consul General of Belarus in HCM City, affirmed that Vietnam is a priority partner of his country in Southeast Asia, noting the FTA between Vietnam and the EAEU has paved the way for the two sides to promote locality-to-locality cooperation, particularly between Minsk and HCM City.
He said the Vietnamese and Belarusian economies are complementary to each other, adding his country wishes to elevate bilateral economic ties to a new level through high-tech manufacturing joint ventures.
The diplomat also encouraged businesses to take part in exhibitions and trade promotion events to foster cooperation.
Polina Girenko from the international cooperation and information promotion division of the Belarusian National Centre for Marketing and Price Study said Belarus boasts diverse economic potential. It is a leading exporter of agricultural products, wood and fertiliser, has growing IT and health sectors, and possesses a strong industrial foundation, especially in mechanical engineering.
Partners can tap into Belarus’s location as a gateway to other EAEU markets, she noted, pointing out that there remains much room for Vietnam to fuel trade with her country in such commodities as palm oil, fruits and vegetables, chemicals, pharmaceuticals, non-ferrous metals, rubber, protective gears, rice, and cereals.
At the seminar, the ITPC and the Belarusian National Centre for Marketing and Price Study signed a strategic cooperation agreement, with a focus on information sharing, promotion of external economic activities, and organisation of joint business events./.
