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| A showcase of Vietnamese culture and cuisine at the 2023 Mongolian International Charity Fair. (Photo: ttdn.vn) |
The official visit of Party General Secretary and President To Lam to Mongolia from September 30 to October 1 was expected to provide opportunities for businesses from both countries to expand their relations and seek potential cooperation and investment opportunities.
The first trade agreement between Vietnam and Mongolia was signed in 1958. In 2008, Vietnam’s Ministry of Industry and Trade signed a Memorandum of Understanding (MoU) on economic and trade cooperation with Mongolia’s Ministry of Foreign Affairs. Additionally, an MoU on sustainable rice trade was signed with Mongolia’s Ministry of Food, Agriculture and Light Industry on November 1, 2023.
In 2024, as the two countries celebrate the 70th anniversary of diplomatic relations, there is an opportunity for both governments and businesses to strengthen practical trade cooperation.
Vietnam primarily exports agricultural products, food items and pharmaceuticals to Mongolia, including products from Mekopharm, Bidipharm, Hau Giang, Saigon Tobacco, G7 coffee, dry noodles and Saigon beer. Vietnam mainly imports white horse balm, woolen rugs, cashmere products, leather goods and leather gloves from Mongolia.
Assessing the potential for cooperation between the two countries, Vietnamese Ambassador to Mongolia Nguyen Tuan Thanh emphasized that while trade turnover between Vietnam and Mongolia remains modest, it holds strong potential for growth, especially in the fields of agricultural exports, food and consumer goods from Vietnam. Furthermore, Vietnam could become a market for Mongolian agricultural products and raw materials, such as coal, beef, goat, sheep and livestock products.
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| Vietnamese Ambassador to Mongolia, Nguyen Tuan Thanh (Photo: VOV) |
According to the Ambassador, the visit of General Secretary and President To Lam contributes significantly to defining the direction and opening prospects for cooperation between the two nations, creating new momentum in key areas such as trade, agriculture and transportation.
Regarding trade and logistics, both countries have agreed to find solutions to overcome challenges in logistics, rail, sea and air transport to enhance the exchange of goods and bilateral trade in the future. They also agreed to promote cooperation in agriculture, particularly in the export and quarantine of agricultural products like Mongolian goat and sheep meat, and Vietnamese poultry meat and eggs.
Ambassador Thanh also highlighted that economic, trade and investment cooperation between the two countries will be promoted in a more practical, effective and comprehensive manner. Trade promotion activities and business cooperation will be strengthened and expanded. Policies aimed at improving the business environment, encouraging and protecting investment will be enhanced to attract investment from both sides.
Experts suggest that both countries should facilitate the export of Vietnam's strengths, such as agricultural, seafood and pharmaceutical products, into Mongolia. Meanwhile, Mongolia could increase exports of minerals, coal and woolen products to Vietnam, with the goal of doubling bilateral trade turnover in the near future.
To further enhance cooperation and achieve the goal of bilateral trade reaching $200 million, the Ministry of Industry and Trade emphasizes that both sides should actively research their respective key products with potential to boost bilateral trade exchanges between Vietnam and Mongolia./.