Kazakhstan is considered a safe market. (Photo: enternews)
A full picture of the Kazakhstani market and its business opportunities was unveiled at a forum held in Hanoi on July 30.
Vietnam and Kazakhstan signed a number of framework agreements on economic, trade, diplomatic, education, investment, labour and energy cooperation in recent years, said Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong.
According to the Vietnam General Department of Customs, trade between the two countries was almost 230 million USD in 2014, with 219 million USD from Vietnam’s exports, up 42 percent year-on-year. Exports consisted primarily of cell phones and electronic spare parts, machinery and farm produce. Imports, meanwhile, doubled, including ore and minerals.
Under the recently-signed free trade agreement between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan, Vietnam will enjoy export tariff incentives for farm produce, seafood, garments, footwear and wooden furniture.
Vietnam will also open markets for farm produce, machinery, equipment and transport vehicles.
Other commitments cover services, investment, intellectual property, competition, trade protection and dispute settlement in line with World Trade Organisation regulations, Khuong said.
Rapil Zhoshybayev, First Deputy Foreign Minister of Kazakhstan and Head of the EXPO-2017 trade promotion delegation, informed that Kazakhstan is currently ranked 77 th in the World Bank’s Doing Business 2015 annual report and 50 th in the world’s national competitiveness rankings.
The country is focusing on metallurgy, chemicals, oil and gas, mechanical and food technologies and construction materials, among others.
On the occasion, Zhoshybayev also introduced the Astana EXPO-2017 themed “Future Energy”, which is expected to host exhibitors operating in eco-friendly energy sources.
The forum was co-hosted by the VCCI, the Kazakhstani Embassy in Vietnam and the Astana Expo 2017 organising company.-VNA
