Vietnam, Mongolia urged to reach US$200 million bilateral trade target

Mongolian President Ukhnaagiin Khurelsukh and Deputy Prime Minister Tran Luu Quang attended the Vietnam - Mongolia Business Forum on November 2 in Hanoi as part of the former's activities during the five-day State visit to Vietnam.

At the forum, delegates from the two countries had frank discussions, while sharing ideas, initiatives and solutions to ramp up economic and investment cooperation between the two countries.

In his speech, Deputy PM Tran Luu Quang highlighted the srong development of the good traditional friendship and multifaceted cooperation between Vietnam and Mongolia.

In the 2017 - 2022 period, two-way trade turnover doubled and in the first half of this year, bilateral trade turnover reached roughly US$45 million.

The Deputy PM Minister said he believes that the two countries will achieve the goal of raising bilateral trade turnover to US$100 million this year.

Emphasizing that Vietnam and Mongolia are preparing activities to celebrate the 70th anniversary of their diplomatic ties, Quang said he hopes that the business communities of both sides will serve as an important force contributing to strongly strengthening bilateral ties in the coming time, especially in the fields of economics, investment and tourism.

Vietnam is in the process of promoting economic restructuring and industrialization and modernization based on science, technology and innovation, Quang said, adding that the nation welcomes active participation of foreign businesses in this process, including those from Mongolia.

To further boost economic cooperation between the two countries, Deputy PM Quang proposed that the two sides coordinate and support each other to improve the effectiveness of regional and international economic integration, continue to exploit existing cooperation mechanisms, including the Vietnam - Mongolia Intergovernmental Committee.

Mongolian President Ukhnaagiin Khurelsukh, for his part, said that the forum will make an important contribution to enriching the content of cooperation, thereby helping spur the development and expansion of economic cooperation between the two countries in the coming time.

In front of the two countries' business communities, President Ukhnaagiin Khurelsukh announced that he and Vietnamese senior leaders agreed to upgrade the Mongolia - Vietnam cooperation relationship to a "Comprehensive Partnership" on the occasion of the 70th anniversary of diplomatic relations by 2024.

The two sides' signing of a visa exemption agreement for holders of diplomatic passports, official passports, and ordinary passports through this visit, will contribute to connecting people-to-people exchanges, creating favorable conditions for activities and cooperation between businesses of both nations, the Mongolian President emphasized.

Mongolia has currently signed two-way tax avoidance agreements with 26 countries and inked bilateral investment promotion and protection agreements with 43 nations globally.

Besides, goods produced in Mongolia have the opportunity to enjoy tax incentives in many countries and within the framework of the European Union's Generalized Tariff Preferences Program (GSP), Mongolia can enjoy tax-free export of 7,200 products to the European Union market, he added.

President Ukhnaagiin Khurelsukh affirmed that his nation will continue to pay special attention to and create stable working conditions and legal environment for foreign investors, including Vietnamese businesses.

At the Forum, Mongolian President Ukhnaagiin Khurelsukh and Deputy PM Tran Luu Quang alongside delegates from the two countries witnessed a ceremony to announce the opening of a direct route between Nha Trang city in the southcentral province of Khanh Hoa and Ulaanbaatar, the capital of Mongolia.