Driving Forces for Bilateral Cooperation
Vietnam - Kazakhstan established diplomatic relations in June 1992. Over the past 30 years, relationship between two countries has achieved positive results. Economic cooperation is one of important pillars in bilateral relationship.
According to Department of Foreign Market Development, Ministry of Industry and Trade, economic, trade and investment cooperation between Vietnam - Kazakhstan is on a good development path.
Particularly since October 2016, when Free Trade Agreement between Vietnam and Eurasian Economic Union (EAEU) took effect, bilateral trade turnover between two countries has grown positively, averaging about 28% per year in a period of 2017 - 2021.
In 2024, trade turnover between two countries will grow strongly. Statistics from Vietnam Customs show that bilateral trade between Vietnam and Kazakhstan reached 479.1 million USD, an increase of 19.2% over the same period in 2023; out of which, Vietnam exported 408.18 million USD, an increase of 4.4%. In contrast, Vietnam imported 70.88 million USD, an increase of 556.6%.
Vietnam's main export items to Kazakhstan include: All kinds of phones and components; computers, electronic products and accompanying components; machinery, equipment, tools and other spare parts; fruits and vegetables, cashew nuts, footwear, textile products.
On contrary, Vietnam imports from Kazakhstan iron and steel of all kinds; other base metals; wheat; cotton of all kinds... In 2023, Vietnam has no need to import iron and steel of all kinds from Kazakhstan, although it was the most imported item from this market in previous years.
Commenting on these results, Ambassador of Kazakhstan to Vietnam - Kanat Tumysh said that positive growth in economic and trade cooperation is thanks to increasingly good development of friendly relations between two countries. Leaders of Vietnam and Kazakhstan always have close dialogues and open cooperation.
On other hand, Vietnam - EAEU FTA is an additional driving force for development of bilateral trade relations in recent times.
Sharing this view, leader of Foreign Market Development Department also said that bilateral relationship between Vietnam and Kazakhstan has gained significant momentum, marked by high-level visits by leaders of two countries.
As for Ministry of Industry and Trade, in order to promote economic, trade and scientific and technological cooperation, in recent years, functional units of Ministry of Industry and Trade have stepped up trade promotion activities, encouraged businesses of two countries to increase exchanges and interactions; developed specific action plans so that goods of two countries can penetrate deeply into each other's markets...
Mr. Vu Ba Phu - Director of Trade Promotion Department (Ministry of Industry and Trade) said that Trade Promotion Department has signed a memorandum of understanding on cooperation with Kazakhstan Trade Promotion Company. In addition, the Department is always ready to cooperate with this company to organize activities to support businesses of the two countries to cooperate.
Not only that, according to Director Vu Ba Phu, Kazakhstani enterprises are encouraged to participate in major international fairs organized by Ministry of Industry and Trade every year such as Textile and Garment Fair; Vietnam Expo; Vietnam Sourcing; Vietnam Foodexpo. In addition, as a focal agency for trade and investment support, Trade Promotion Agency is always ready to support connecting businesses and investors of two countries.
Mr. Nguyen Van Hoi - Director of Institute for Strategy and Policy Research on Industry and Trade said that Vietnam has built and perfected mechanisms and policies on industry and trade in the direction of creating favorable conditions for foreign investors in general and investors from Kazakhstan in particular to produce and do business in Vietnam. Vietnam's mechanisms and policies on industry and trade are increasingly open, transparent and in line with bilateral and multilateral international commitments.
Expanding cooperation, finding new momentum
Although economic and trade cooperation between two countries has seen positive growth in recent years, "we should not stop at 480 million USD, but need to bring the trade turnover to 2 - 5 billion USD in the coming time" - the Ambassador of Kazakhstan to Vietnam commented and emphasized that Vietnam is currently Kazakhstan's second largest trade partner in the ASEAN region, showing that there is still a lot of room for developing bilateral economic relations.
In particular, potential to open up commodity market of two sides is also present. "The Kazakhstan market is interested in some of Vietnam's strengths such as rice (ST25), tropical fruits such as dragon fruit, mango... In the opposite direction, Vietnam is also a potential market for Kazakhstan to export some of its strengths such as wheat, apples..." - Mr. Kanat Tumysh informed.
At 11th meeting of Vietnam - Kazakhstan Intergovernmental Committee on Economic - Trade and Scientific - Technical Cooperation held in April 2024 in Kazakhstan, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Kazakhstan's Minister of Trade and Integration emphasized that two countries have very favorable conditions to promote cooperation. In addition to FTA mechanism, two sides are also effectively maintaining this Intergovernmental Committee mechanism.
To promote economic and trade cooperation between two countries, in addition to traditional areas of cooperation, Minister of Industry and Trade Nguyen Hong Dien suggested that two sides study and propose cooperation in areas where one side has advantages and other side has demand. Consider possibility of cooperation to jointly develop fundamental industries, especially materials, supporting industries, mining, processing, manufacturing, chemicals, energy, and petrochemicals.
On the other hand, Minister Nguyen Hong Dien suggested that the two sides should expand cooperation to breakthrough sectors, in line with international trends such as green technology, new energy use, digital economy with high technology content, e-commerce... In particular, coordinate to exploit and ensure smooth rail, sea and air transport routes between Vietnam and Kazakhstan...
Minister Nguyen Hong Dien emphasized that Kazakhstan is a gateway for Vietnamese goods to penetrate the Central Asia and Europe regions; in opposite direction, Kazakhstan's goods, through Vietnam, can penetrate ASEAN and further to the large market area with which Vietnam has FTA relations. These favorable conditions will contribute to promoting stronger economic and trade cooperation between Vietnam and Kazakhstan.

Source: Vitic/ congthuong.vn