HÀ NỘI -- A state visit to Mongolia by Party General Secretary and State President Tô Lâm is expected to enhance business partnerships and investment opportunities between Vietnam and Mongolia. This visit marks a significant step in the long-standing diplomatic relations established in 1954, making Vietnam the first Southeast Asian nation to engage with Mongolia.
Over the years, the friendship between the two countries has flourished, with Mongolia recognizing Vietnam’s growing role in Southeast Asia as a key partner. The nations have signed several agreements, including a memorandum of understanding (MoU) on economic cooperation and a new MoU on sustainable rice trade, aimed at stabilizing food supply and markets.
Despite modest bilateral trade, valued at over US$130 million last year, experts highlight significant potential for growth, especially in sectors like mining and agriculture. Vietnam's market, with a burgeoning middle class, offers Mongolian businesses opportunities to access a network of over 17 free trade agreements. Both nations are encouraged to enhance their trade structures, which are seen as complementary, to meet mutual market needs and double trade volume in the near future.
-- Source: vietnamnews.vn, Date: 2024-09-30