The view was shared by experts at a trade and investment promotion seminar for the Belarusian market, organized by the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) in collaboration with the Consulate General of Belarus in Ho Chi Minh City on March 19.

In his remarks, ITPC director Tran Phu Lu noted that, cooperation between Vietnam and Belarus has been significantly strengthened in recent years, particularly since the Vietnam-Eurasian Economic Union (EAEU) Free Trade Agreement came into effect.

Under this agreement, both sides have eliminated approximately 90% of tariff lines for trade in goods, covering more than 90% of bilateral trade volume. This presents a major opportunity for Vietnamese businesses to enter the Belarusian market and other regional countries.

In addition, the visa waiver policy for ordinary passport holders, in effect on January 30, 2025, is expected to unlock new opportunities for cultural exchange, trade promotion, and tourism development, contributing to the overall advancement of Vietnam-Belarus relations.

According to Vietnam Customs, two-way trade between Vietnam and Belarus has experienced robust growth in recent years. In 2024, their total trade volume reached approximately US$59.7 million, marking a 45% increase compared to 2023.

However, the figures do not yet fully reflect the potential for cooperation between the two countries or the expectations of the business community.

The ITPC director stated that despite ongoing challenges, Vietnamese enterprises are making efforts to expand their export markets, enhance production capacity and competitiveness, and integrate deeply into global value chains, especially in promising but underexplored markets like Eastern Europe. This region is seen as an untapped market with significant opportunities for business collaboration and economic development.

Kiryl Halantsou, Consul General of Belarus in Ho Chi Minh City, reaffirmed that Vietnam is a priority partner for Belarus in Southeast Asia. The Vietnam-EAEU Free Trade Agreement has paved the way for interregional cooperation, particularly between Minsk and Ho Chi Minh City.

In his view, the two economies are highly complementary, and Belarus aims to elevate economic cooperation with Vietnam to a new level through high-tech joint ventures. He encouraged businesses to participate in trade fairs and promotion programmes to strengthen economic ties.

Meanwhile, Polina Girenko from the Belarus National Centre for Marketing and Price Study highlighted that Belarus has a diversified economy and is a leading exporter of agricultural products, timber, and fertilizers. The country’s IT and healthcare sectors are also on the rise, alongside having a strong industrial base, particularly in machinery manufacturing.

Notably, Belarus serves as a strategic gateway to the Eurasian Economic Union (EAEU) market, offering Vietnamese businesses an efficient entry point. Through the Belarusian Universal Commodity Exchange (BUCE), Vietnamese enterprises can immediately access over 35,000 buyers and sellers from 80 countries, trading key products such as agricultural goods, timber, metals, and petrochemicals.

For Belarus, Vietnam presents numerous opportunities to expand trade in palm oil, fruits and vegetables, chemicals, pharmaceuticals, non-ferrous metals, rubber, protective clothing, rice, and grains, stated Girenko.

At the seminar, ITPC and the National Centre for Marketing and Price Study of Belarus signed a strategic cooperation agreement, focusing on key areas such as information exchange, promoting foreign economic activities, and organizing joint business events.

Vietnam-Belarus visa exemption agreement: significant step forward in bilateral ties

VOV.VN - The visa exemption agreement for ordinary passport holders between Vietnam and Belarus, effective from January 30, 2025, marks a significant step forward in the cooperation between the two countries.