Attending the Mongolia – Vietnam Business Forum in Hanoi, Quang laid a stress on the sound traditional friendship and multi-faceted cooperation between the two nations in past years.

At the Mongolia – Vietnam Business Forum in Hanoi on November 2.

As Vietnam is stepping up economic restructuring and accelerating its industrialisation and modernisation based on science, technology, and innovation, the country welcomes the engagement of foreign firm in the process, including those from Mongolia, he said.

Quang recommended both sides to coordinate and support each other to improve the efficiency of regional and global economic integration, capitalise on existing cooperation mechanisms including the Vietnam – Mongolia intergovernmental committee, and facilitate import-export activities so as to raise the two-way trade revenue to 200 million USD in the coming time.

Expressing his delight at attending the forum, visiting Mongolian President Ukhnaagiin Khurelsukh described it as important to diversify cooperative fields, and expand economic collaboration between the two countries in the future.

He stressed that the elevation of the bilateral ties to a comprehensive partnership on the occasion of the 70th anniversary of the bilateral diplomatic relations in 2024 and the signing of an agreement on visa exemption during his State visit to Vietnam will help promote people-to-people exchanges, and facilitate cooperation between enterprises of both sides.

Mongolia has signed agreements on double taxation avoidance with 26 countries, and bilateral agreements on encouragement and protection of investment with 43 nations, he said. Goods produced in Mongolia are subject to tax incentives in many countries, with 7,200 products eligible for duty-free preferential access under the EU’s Generalised System of Preferences (GSP).

He said with Mongolian Ministry of Economic Development was recently established with a view to strengthening foreign investment and the operation of foreign trade agencies. Mongolia will continue to create a stable working environment and sound legal climate for foreign firms, including those from Vietnam.

At the forum, Mongolian President Ukhnaagiin Khurelsukh and Deputy Prime Minister Tran Luu Quang witnessed the announcement ceremony of a new direct flight service between Nha Trang city and Ulaanbaatar.

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German businesses interested in Vietnam

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Source: VNA