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Vietnam, Uzbekistan discuss measures to boost bilateral trade
Vietnam and Uzbekistan should consider promoting comprehensive co-operation in the garments and textile sector, proposed the Uzbekistan delegates that participated in a conference organised in Hanoi on July 2.
The conference entitled "Prospects of economic and trade relations between Vietnam and Uzbekistan" were presided by the Vietnam Deputy Minister of Industry and Trade Le Danh Vinh and Uzbekistan First Deputy Minister of Foreign Economic Relations, Investments and Trade.
Annually, Uzbekistan produces over 1.3 million tonnes of cotton which is the major material for development of the garments and textiles sector while Vietnam exports over US $9.5 billion worth of garments and textiles products.
Uzbekistan proposed that Vietnamese traders and producers can buy cotton directly from Uzbekistan at cheap prices, instead of importing from China or Africa. In addition, Vietnam can establish joint ventures or factories right in Uzbekistan so that Vietnam can reduce production costs and at the same time can explore deeper the Eastern European market because countries in Eastern Europe have agreed that imported products between them are not subjected to import tax.
Delegates to the conference focused discussion on developing trade and investment relations on four fields that the two countries have advantages of, including garments and textiles, oil and gas, footwear and machinery.
In 2006, bilateral trade turnover between the two countries was merely US$4.8 million. In 2007, the figure was US$6.6 million. Of this, Vietnam exported nearly US$1 million worth of products to Uzbekistan and imported US $5.6 million from the country.
ND
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