Bilateral trade turnover between Việt Nam and Mongolia triples

A panel discussion at the Việt Nam - Mongolia Agricultural Business Forum in Hà Nội on November 20. — Photo courtesy of the organiser

HÀ NỘI — Bilateral trade turnover between Việt Nam and Mongolia has tripled from US$41.5 million in 2017 to $132 million in 2023.

Director of the Institute of Policy and Strategy for Agricultural and Rural Development Trần Công Thắng released the figures at the Việt Nam - Mongolia Agricultural Business Forum in Hà Nội on November 20.

The event was jointly organised by the Ministry of Agriculture and Rural Development in coordination with the Việt Nam - Mongolia Friendship Association.

According to Thắng, in the first seven months of 2024, bilateral trade turnover reached $65.5 million and the two countries are now working to reach the goal of a bilateral trade turnover of $200 million. Việt Nam and Mongolia both have outstanding advantages in the field of agriculture, with Việt Nam a leading exporter of products such as rice, coffee and tropical fruits.

Meanwhile, Mongolia is famous for its high-quality beef, lamb and dairy products. These are areas where businesses from both countries can exploit opportunities to meet the growing needs of the global market, said Thắng.

Therefore, the forum will be an important bridge for businesses of the two countries to meet, exchange information and seek cooperation opportunities. In addition, through this event, the two governments will share preferential policies and support mechanisms so that businesses can access each other's markets more effectively.

"We hope that the forum’s results will be an important foundation for the two sides to go further in growing bilateral trade turnover, " said Thắng.

At the forum, delegates discussed the potential for trade cooperation including procedures for importing goat and sheep meat into the Vietnamese market and the potential to trade livestock between Việt Nam and Mongolia.

They also discussed cooperation opportunities for Việt Nam and Mongolia in the field of services and the potential for the import and export of agricultural products between Việt Nam and Mongolia.

Doãn Khánh Tâm, Deputy Director, Deputy Head of the Office, National Border Committee, Former Vietnamese Ambassador to Mongolia, said that due to Mongolia's cold climate, livestock farming is much more developed.

Cattle in Mongolia graze naturally on the vast steppe, feeding on about 3,000 types of herbs, which gives the meat a distinctive flavour.

Meantime, Mongolia has been a member of the World Organization for Animal Health since 1989.

Transport is also still a problem that hinders Việt Nam - Mongolia traffic.

The Mongolian side said it welcomed Việt Nam's participation in the trilateral Railway Transport Agreement Mongolia - Russia - China signed in 2016. During the visit to Việt Nam on November 5, 2023, Mongolian President Ukhnaagiin Khurelsukh also officially reiterated that the Mongolian Government will proactively work with China to create favourable conditions for Việt Nam to join this agreement.

Within the framework of the forum, a Memorandum of Understanding was signed on cooperation and distribution of Mongolian goat and sheep meat in Việt Nam.