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| Vietnam and Kazakhstan business meeting within the framework of the visit and working session of the Kazakh trade-economic delegation and manufacturers in Vietnam on March 15-17 (Photo: congthuong.vn) |
Vietnam and Kazakhstan established diplomatic relations on June 29, 1992. The current friendship and good tradition between the two countries, inherited from previous generations, is always deepened and constantly put into practice.
Over the years, Vietnam and Kazakhstan have maintained regular exchange of delegations at all levels, including high-level ones, on all channels of the Party, the National Assembly and the State; and support each other at multilateral forums and international organizations.
Despite geographical distance, Vietnam and Kazakhstan share many things in common, as well as favorable conditions for the development of bilateral relations. The two countries are gateways to ASEAN and Central Asia, receiving many cooperation opportunities from the Vietnam-Eurasian Economic Union (EAEU) Free Trade Agreement, while Kazakhstan is a member of the EAEU.
Kazakh Ambassador to Vietnam Yerlan Baizhanov emphasized that economy is an important pillar in Vietnam-Kazakhstan relations. In 2022, trade turnover between Kazakhstan and Vietnam reached nearly USD600 million. In which, exports from Vietnam to Kazakhstan reached USD525 million, imports from Kazakhstan to Vietnam reached USD60 million.
On the basis of the trustful political relationship cultivated by generations of leaders of the two countries, over the past time, bilateral cooperation has continuously developed in many fields, especially trade. In particular, the Vietnam-EAEU Free Trade Agreement that took effect in 2016 has created a driving force to promote trade exchange between the two countries. The establishment of the Vietnam-Kazakhstan Intergovernmental Committee on economic-commercial and scientific-technical cooperation is also an important basis for strengthening bilateral relations.
Specifically, two-way trade turnover has increased by about 3 times compared to the level before the Vietnam-EAEU Free Trade Agreement was signed. Vietnam and the Eurasian Economic Union (EAEU), of which Kazakhstan is a member, signed a free trade agreement in 2015. Since then, bilateral trade turnover has grown positively, averaging about 28% per year.
Kazakhstan is a Central Asian country with an area of more than 2.7 million square kilometers and a population of more than 19 million. This is an important transshipment center for goods by road from Asia to Europe. Kazakhstan is Vietnam's second largest trading partner in the EAEU.
Regarding investment, Kazakhstan has 5 FDI projects in Vietnam, with a total registered capital of about USD500,000. Currently, many Kazakh entrepreneurs consider Vietnam an attractive destination to seek new business opportunities and investment cooperation.
In addition, the establishment of a direct flight route between the two countries in 2022 has contributed to facilitating the exchange of delegations as well as promoting bilateral cooperation in potential fields such as tourism and transportation. Vietnam has become an attractive destination for many Kazakh tourists.
The Kazakhstan side wishes to cooperate and invest with Vietnam in the fields of high-tech clean agriculture and renewable energy. In general, economic cooperation between the two sides still has a lot of room for development, especially in the fields of agriculture, tourism, clean energy and high technology.
Along with that, the good relations that the leaders and people of Vietnam and Kazakhstan have built in the past time are the foundation to further promote cooperation between the two countries in the coming time. Most recently, Vietnamese Vice State President Vo Thi Anh Xuan visited Kazakhstan in October 2022 and Deputy Prime Minister and Foreign Minister of Kazakhstan Mukhtar Tileuberdi also visited Vietnam in August 2022./.