Kazakhstan aims to increase bilateral trade as part of the agreement to create a free trade zone between the Eurasian Economic Union and Vietnam, QazMonitor reports.
Trade policy development center QazTrade and the Kazakh ministry of trade and integration held a trade and economic mission in Hanoi on March 15-17.
The event was attended by representatives of the Ministry of Industry and Trade of Vietnam, the Vietnam Chamber of Commerce and Industry, as well as more than 100 entrepreneurs from both countries, including 14 Kazakh producers of food, the chemical industry, and IT service providers.
"Kazakhstan and Vietnam maintain a stable friendly character of bilateral relations. The impetus for the development and growth of mutual trade is given by the Agreement on the creation of a free trade zone between EAEU and Vietnam," Kazakh Vice Minister of Trade and Integration Kairat Torebayev said at the meeting.
QazTrade and Inserimex agreed to establish a joint Kazakh-Vietnamese trade company to increase mutual exports and imports.
Ambassador of Kazakhstan to Vietnam Yerlan Bayzhanov said that the business forum also advanced the dialogue between Kazakh and Vietnamese businesses, and he proposed to establish a joint Business Council to enable regular meetings.
Kazakhstan ranks second in terms of trade with Vietnam among the EAEU countries. Today, Kazakh exports to Vietnam are from sectors like food, construction, chemicals, petrochemicals, and metallurgy. In turn, Kazakhstan imported household and office electronics.
At the moment, there is a free trade agreement between Vietnam and the EAEU.
Vietnamese interest in Kazakh goods largely stems from its economic goal to increase GDP and become a first-world economy by 2045.
Increasing trade and strengthening ties will eventually allow Kazakhstan to build logistical corridors to the fast-growing market of Southeast Asia.