Possibilities of increasing Mongolia and Vietnam trade turnover discussed

Economy
batchimeg@montsame.gov.mn
2019-05-15 16:43:10

Ulaanbaatar /MONTSAME/ Possibilities for overfulfilling Government goal to bring trade turnover between Mongolia and Vietnam at USD 70 million in 2020 were introduced by Executive Director of Mongolian Employers’ Federation (MEF) Kh.Ganbaatar during a scientific conference themed ‘Mongolia-Vietnam relations: History and Modern Times’ has taken place today.

 

The scientific conference was co-organized by the Office of the President, the Ministry of Foreign Affairs and the Institute of International Affairs of the Mongolian Academy of Sciences for the 65th anniversary of establishment of diplomatic relations between Mongolia and Vietnam.

 

Since having diplomatic relations with the Socialist Republic of Vietnam in 1954, the two countries are endeavoring to expand and develop cooperation in the fields of agriculture, education, culture, labor, defense and justice, highlighted the attendees of the conference. Out of them, humanitarian cooperation has longer history and it has been developing actively even today.   

 

Bilateral trade and economic cooperation is not developing well. It is necessary to have direct flight to develop it, Executive Director of the MEF Kh.Ganbaatar mentioned. 


He said that Mongolia used to import white nuts, dried fruits and salted vegetables from Vietnam before 2013 and types of import goods expanded with rice, washing powder and cosmetic products between 2013 and 2018. However, trade turnover between the two countries was USD 60 million in 2018 and it is not sufficient performance. Involvement of not only private enterprises but also Government support is needed to develop bilateral economic ties. During his visit to Mongolia in 2016, Prime Minister of Vietnam Nguyen Xuan Phuc forwarded proposals to set up meat, leather and skin processing joint plants in Mongolia and cooperate in growing medical plants. We need to put it into actions now. Furthermore, Vietnam’s aviation company expressed its interest to conduct flights to Mongolia. Therefore, there is urgent need that government organizations of the two countries to pay attention on opening direct flight route. By doing so, condition will be created to transport  products including sea products and perishable foods in a short period of time. The Governments of the two countries set a goal to increase the volume of bilateral trade turnover to USD 70 million by 2020. It is available to overfulfill this goal if the two countries have direct flights.