Ample room remains for Vietnam-Belarus trade cooperation. (Illustrative image. Source: Cartime)

The coming state visit to Belarus by Party General Secretary To Lam is expected to create new impetus to consolidate and strengthen the bilateral relations, and open up opportunities for businesses of the two countries in trade and investment cooperation.

Located at the heart of Europe, Belarus is emerging as a bright spot attracting international investors. Belarus's great advantage is that the EAEU-Vietnam FTA not only helps increase trade between the two countries but also allows Vietnamese enterprises to easily access many large markets such as Russia, Kazakhstan, Kyrgyzstan and Armenia.

Furthermore, Belarus has a strongly developed industry, accounting for more than 90% of the country's exports. The main export items include agricultural machinery, mechanical equipment, food, petrochemical industry products and metallurgy. Among them, the mechanical industry with products from the Minsk Automobile Plant and the Minsk Tractor Works are highly appreciated in the international market, opening up great cooperation opportunities for Vietnamese enterprises.

Notably, Belarus is one of the world's leading countries in exporting meat, milk and dairy products. It is also one of the world's leading producers of Potassium fertiliser, accounting for 17% of the global output, which will create important cooperation opportunities for enterprises in the fertilser and chemical industry.

Citing statistics from the Vietnam Department of Customs, the Ministry of Industry and Trade (MoIT) said that trade in goods between Vietnam and Belarus reached 59.8 million USD in 2024, down 8.3% compared to 2023. Specifically, exports from Vietnam to Belarus reached 28 million USD, up 15.6% compared to 2023, imports from Belarus to Vietnam was 31.8 million USD, down 22.4% compared to 2023.

Vietnam exports aquatic products, natural rubber, wooden furniture, textiles, footwear, rice, cashew nuts, peanuts, pepper, spices, tea, canned vegetables, pharmaceuticals, and computers to Belarus. Meanwhile, Vietnam imports milk and dairy products, fertilisers, machinery, equipment, auto parts, tractors, trucks, and chemicals from Belarus.

In the industrial sector, based on the protocol between Vietnam and Belarus on supporting the production of motor vehicles in Vietnam signed in 2016, Maz Asia Joint Venture Company Limited (now GMA Automobile Industry JSC) was established to produce Maz trucks and special-purpose vehicles.

In addition, the two sides has also implemented a number of other cooperation related to testing the use of Belaz Company trucks at coal mines of the Vietnam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin), but the results were not as expected by both sides.

At the meeting with Belarusian Ambassador to Vietnam Uladzimir Baravikou, Deputy Minister of Trade and Industry Nguyen Hoang Long said that Vietnam and Belarus are two complementary economies, but economic and trade cooperation between the two countries is still quite modest, not commensurate with their potential.

The two officials agreed that cooperation in the automobile industry is a key area between the two countries, of that, the automobile manufacturing and assembly plant of GMA Automotive Industry is considered a typical cooperation between the two countries.

In the agricultural sector, Belarus hopes that Vietnam will create favourable conditions to open its market for meat products from Belarus including beef, pork, and poultry.

Belarusian Deputy Prime Minister Anatoly Sivak emphasised that Belarus sees great potential for cooperation with Vietnam in the field of vaccine, pharmaceutical and medical equipment production. In return, Vietnam can export electronic components to Belarus, contributing to diversifying bilateral trade.

In addition, Belarus is particularly interested in cooperation between scientists of the two countries to promote research and development of new technologies. The development of high-tech industries not only helps the two countries meet their internal needs but also increases their competitiveness in the international market.

Moreover, technological security is becoming an increasingly important factor, playing an essential role in strengthening the independence and autonomy of each country. Therefore, the two countries need to strengthen cooperation in this field to ensure sustainable development.

The Deputy PM said he hopes that in 2025, the two countries will continue to develop the EAEU-Vietnam FTA to facilitate the expansion of cooperation in many fields.

At the 16th session of the Vietnam-Belarus Intergovernmental Committee for Economic, Trade, and Scientific-Technical Cooperation, Minister of Industry and Trade Nguyen Hong Dien highly appreciated Belarus's Eastward foreign policy, of that, the role and position of Vietnam are always respected.

Dien affirmed that through the intergovernmental committee mechanism, the two sides will continue to deepen the Vietnam - Belarus cooperation in all fields, especially economic - trade and scientific - technical cooperation. However, despite achieving many positive results, the current bilateral cooperation between Vietnam and Belarus is still not commensurate with the potential and strengths of each side.

Therefore, the minister proposed the two sides direct relevant ministries, agencies and localities to continue to effectively implement high-level agreements between the two countries during Belarusian Prime Minister Roman Golovchenko's visit to Vietnam in December 2023, and the contents agreed at the 16th session of the Vietnam - Belarus intergovernmental committee.

Dien also noted that the two sides need to promote information sharing and policy consultations at all levels to promptly resolve difficulties and obstacles in the process of implementing cooperation, as well as flexibly seek new solutions, contributing to increasing bilateral trade turnover.

It is also necessary for the two sides to continue efforts to facilitate goods from each side to access each other's markets, including agricultural, aquatic, seafood, dairy products, means of transport, agricultural machinery and equipment, among others.

Businesses of the two countries need further support to participate in trade fairs and exhibitions, explore opportunities for trade and investment cooperation as well as effectively take advantage of incentives that the EAEU-Vietnam FTA brings, Dien said.