Kazakh Deputy PM’s visit adds fresh impetus to bilateral cooperation

Deputy PM Tileuberdi paid an official visit to the nation from August 17 to August 18 at the invitation of Minister Son.

Since both countries established diplomatic ties on June 29, 1992, the two sides have maintained regular political dialogues at all levels, as well as striving to increase exchanges at bilateral and multilateral forums, thereby contributing to the consolidation of global peace and security.

In a recent interview given to the media, Kazakhstan Ambassador to Vietnam Yerlan Baizhanov stated that since the initial establishment of co-operative ties, both nations have launched an array of trade exchange activities.

However, this process is in full swing following the Vietnam – Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) coming into force in October, 2016, with the total export and import value in 2021 between the two countries reaching US$426.1 million, up 11.6% on-year.

The main export items of Kazakhstan to the Vietnamese market largely focus products such as lead, iron, and steel, while Vietnamese exports to the Kazakh market include phones, office equipment, clothing products, and footwear.

This demonstrates the huge potential that exists for greater economic co-operation between the two countries, thereby requiring both sides to seek fresh opportunities to continue promoting bilateral trade co-operation and unleash the potential that exists.

The greatest strength in terms of co-operative relations between the two countries is the high degree of mutual understanding and political trust that exists, with both nations sharing similar views and stances on a range of international issues.

Most notably, Kazakhstan views the nation as being an important partner and highly appreciates the country’s support for Kazakhstan's international initiatives, especially the progress of the Conference on Interaction and Confidence Building Measures in Asia (CICA).

However, the results achieved in the field of economics and trade between the two countries over recent years has failed to meet the existing potential and there remains plenty of room for further trade development between the two sides, in which they need to take advantage of the tariff preferences that the VN-EAEU FTA brings to each party.

Moreover, the two respective governments must devise specific measures to further augment co-operation between the two countries in the fields of trade, industry, investment, and tourism development.

Along with the mechanism of the Intergovernmental Committee on Economic-Trade and Scientific-Technical Cooperation, the two sides must establish new co-operation mechanisms such as a joint investment fund, an import-export bank, and a business house.

The two governments must also support competent agencies in resuming direct flights and applying a visa-free policy for citizens of the two countries as a mean of promoting both nations’ tourism industry.