On the sidelines of the 11th session of the Vietnam-Kazakhstan Intergovernmental Committee on Economic, Trade, Scientific and Technical Cooperation, on May 15, 2024 (local time), Minister Nguyen Hong Dien has a meeting with Deputy Prime Minister of the Republic of Kazakhstan Serik Zhumangarin - photo: Office of the President of Kazakhstan

Minister Nguyen Hong Dien informed Deputy Prime Minister Serik Zhumangarin about Vietnam’s economic development and trade and investment cooperation between the two countries.

Since the Free Trade Agreement between the Eurasian Economic Union (EAEU) and Vietnam came into effect in October 2016, the value of bilateral trade has grown by an average 28 percent annually in the 2017-2021 period, with a strong increase in 2023.

However, economic and trade cooperation between Vietnam and Kazakhstan is still modest and incommensurate with the potential of the two countries. Therefore, the room for increased imports and exports remains large. Goods traded between the two countries are complementary, not competing with each other.

At the meeting with the Deputy Prime Minister of Kazakhstan, Minister Nguyen Hong Dien provides information about the overall situation of economic, trade and investment cooperation between the two countries, and proposes specific solutions to promote bilateral cooperation - photo: Office of the President of Kazakhstan

Minister Nguyen Hong Dien proposed specific solutions to promote bilateral cooperation. Accordingly, specialized agencies of the two countries need to connect soon to implement the commitments and agreements made at the 11th Session of the Intergovernmental Committee, and continue to effectively implement the Joint Action Plan to promote economic and trade cooperation between the Government of the Socialist Republic of Vietnam and the Government of the Republic of Kazakhstan in the 2023-2025 period. The two sides should closely coordinate in implementing the Free Trade Agreement between Vietnam and the Eurasian Economic Union to take advantage of the benefits and preferences that the agreement brings to businesses.

In addition to traditional fields, Minister Dien proposed that the two sides explore the possibility of expanding cooperation in new fields such as transportation, logistics, e-commerce, and fundamental industries such as materials, support industries, mining, processing, manufacturing, chemicals, energy; culture, and tourism.

Deputy Prime Minister of the Republic of Kazakhstan Serik Zhumangarin (middle) affirms that Kazakhstan considers Vietnam a friendly country and an important partner in the region, and expresses the desire to strengthen cooperation with Vietnam in all fields - photo: Office of the President of Kazakhstan

For his part, the Deputy Prime Minister of the Republic of Kazakhstan highly appreciated the role of Vietnam in the economic cooperation with Kazakhstan. Vietnam is one of Kazakhstan’s important economic partners in the Southeast Asian region. Kazakhstan sees Vietnam as a friendly country, an important partner in the region, and wishes to strengthen cooperation with Vietnam in all fields.

The Deputy Prime Minister highly appreciated the 11th Session of the Intergovernmental Committee which outlines specific and practical cooperation directions for the coming time, effectively exploiting the potential of each side. The Deputy Prime Minister believes issues discussed at this session will be the driving force of cooperation between the two countries, bringing practical benefits to both sides.

Deputy Prime Minister Serik Zhumangarin proposed that Vietnamese enterprises seek new routes to transport goods to Europe, replacing the previous trans-Siberian route. Vietnamese enterprises can consider using the Trans-Caspian International Transport Route, which allows Vietnam’s exports to move from East to West 3-4 times faster than the sea route, significantly reducing the cost of transportation.

Minister Nguyen Hong Dien and Kazakhstani Deputy Prime Minister Serik Zhumangarin - photo: Office of the President of Kazakhstan

To increase the value of trade between Vietnam and Kazakhstan, the Deputy Prime Minister of Kazakhstan said that the Cape sea route, also known as the Europe-Asia sea route, could be the most optimal route between Asia and Europe, so Vietnamese enterprises need to research and use this route for goods transportation. In addition, the Deputy Prime Minister also proposed using the Kazakhstan-China terminal at Lianyungang port and the dry port in Xi’an to facilitate import and export activities.

In addition, the Deputy Prime Minister highly appreciated Vietjet’s investment projects in Kazakhstan, and expressed the desire for Vietjet to expand cooperation with Kazakhstani enterprises in the fields of aviation, banking, logistics, and others.

The Deputy Prime Minister also proposed that the two countries cooperate in the field of electric vehicles. Cooperation in this field will contribute to the development of the high-tech sector in Kazakhstan and allow Vietnamese electric vehicle manufacturers to maintain their competitive advantage in the international market, helping increase the value of bilateral trade.