The development of linkups between Ho Chi Minh City’s businesses and those from Mongolia was the central topic at a conference held in the city on April 16.

Regzenda Sandag, Vice Director of Mongolia’s Light Industry Policy Implementation and Coordination Department under the Ministry of Food, Agriculture and Light Industry said at the workshop that her country has been undertaking many action programmes to boost its growth and integration into the global economy.

A wide range of Mongolian exports to the European Union (EU) enjoy preferential tariffs and the country is approaching the signing of a Free Trade Agreement (FTA) with Japan. Thus, investment in Mongolia’s industrial parks will benefit from its investment incentives such as tax exemptions and reductions and other financial support, she added.

The official also stressed Mongolia hopes to step up collaboration with HCM City, especially the sharing of experience and exchange of specialists in the garment and textile sector, aiming to seek measures to facilitate the development and export in the field.

Nguyen Binh An, deputy head of the Southern Office of the Vietnam Textile and Apparel Association (Vitas), said the sector in Vietnam has reached an annual average growth of 15-20 percent, with a yearly capacity of 3 billion products.

An noted that Vietnam has implemented policies aimed at turning the country into an investment destination in the eyes of garment investors around the world. Collaboration with countries is crucial to this goal, hence the partnership with Mongolia, which possesses great potential in raw materials for the industry.

Deputy Director of the municipal Department of Industry and Trade Tran Xuan Dien suggested the garment and textile enterprises of HCM City and Mongolia need to overcome language-related barriers and geographical distance to facilitate logistics and trade transaction between the two sides.

The trade turnover between HCM City and Mongolia reached 3 million USD last year and 500,000 USD in the first quarter of this year.-VNA