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Mongolia trade fails to meet its full potential
Bilateral trade between Viet Nam and Mongolia has yet to achieve its full potential due mainly to the geographic remoteness of the two countries, a meeting heard yesterday in Ha Noi.
"Co-operation potential, especially in terms of trade and investment, is still largely untapped," said Tran Kim Long, deputy head of the Ministry of Agriculture and Rural Development's International Co-operation Division.
Long said it was important for businesses in the two countries to promote their products to boost trade and co-operative ties.
"Energy, mineral exploitation, agricultural-product processing, textiles and garments, consumer goods and pharmaceuticals are potential sectors for bilateral co-operation," he said.
Chuluun Bayarmunkh, Mongolia's charge d'affaires, said the East Asian nation was a promising investment address due to its political stability, plentiful natural resources and enticing investment incentives.
"Our government will create positive conditions for Vietnamese businesses to invest in the country," he said.
Both governments have agreed to address transport problems between the two countries to boost two-day trade value to US$10 million this year, said Pham Quang Thinh from the Viet Nam Chamber of Commerce and Industry (VCCI).
Attending the 14th session of the Viet Nam-Mongolia inter-governmental committee meeting scheduled to take place this month in Ulaanbaatar will be representatives from major Vietnamese firms such as Electricity of Viet Nam, the Viet Nam Oil and Gas Group and the Viet Nam Coal and Mineral Industries Group.
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