Vietnam’s Commitment to Strengthening Trade and Economic Ties with Central Asian Nations
The Ministry of Industry and Trade in Vietnam is looking to strengthen economic, trade, and investment ties with the five Central Asian countries (C5) – Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Despite the immense potential for cooperation, the current partnership between Vietnam and the C5 is considered to be limited.
Central Asia is becoming increasingly significant in the global geopolitical and geo-economic landscape, with major economies such as the US, China, Russia, Turkey, and the EU all actively engaging with the region. Recognizing this, the Ministry of Industry and Trade in Vietnam is focusing on developing comprehensive strategies to enhance economic trade and investment collaboration with the C5 countries.
In a recent directive, the Ministry of Industry and Trade has urged relevant departments to take steps such as improving the legal framework for trade and economic cooperation with the C5 nations, implementing economic and trade development projects, convening high-level meetings, and strengthening intergovernmental committee mechanisms with countries like Kazakhstan and Uzbekistan.
While Turkmenistan, Kyrgyzstan, and Tajikistan currently lack intergovernmental committee mechanisms with Vietnam, efforts are underway to explore economic and trade consultation frameworks to facilitate bilateral cooperation. Additionally, cooperation in sectors such as agriculture and rural development, plant and animal inspection, and mutual recognition of product quality certificates are being pursued to support Vietnamese exports to C5 countries.
The Ministry of Information Technology in Vietnam will collaborate with other relevant ministries to assist Vietnamese businesses in understanding the market opportunities in the C5 countries and finding secure payment methods for trade transactions. To further promote trade and investment, annual visits of Vietnamese delegations to participate in fairs, exhibitions, and seminars in C5 countries are being planned.
Meanwhile, Turkmenistan Airlines is set to launch passenger flights to Ho Chi Minh City in early March, expanding connectivity between Vietnam and international destinations in Europe, Russia, and Turkey. This move aims to capitalize on Vietnam’s dynamic economic growth and enhance trade and tourism relations between the two countries.
Turkmenistan Airlines views Vietnam as a promising market for expanding its international network. The airline began operating cargo services between Vietnam and the UK via Turkmenistan in May 2023, demonstrating its commitment to facilitating trade relations between Vietnam and other global partners.
As Turkmenistan Airlines prepares to inaugurate flights to Ho Chi Minh City, passengers can benefit from promotional discounts available on the airline’s website. The introduction of these new flight routes is expected to boost connectivity and foster closer ties between Vietnam and the Central Asian region.
In conclusion, Vietnam’s efforts to strengthen cooperation with the C5 countries and the establishment of new air routes are significant steps towards enhancing economic, trade, and investment opportunities for both Vietnam and its Central Asian partners.
source: ORIENT news
