Việt Nam, Belarus eye closer trade, investment ties

Việt Nam, Belarus eye closer trade, investment ties

With their complementary strengths, Việt Nam and Belarus have considerable potential to enhance trade and investment cooperation, according to participants at a seminar held in HCM City on March 19.

Attendees at a seminar on Trade and Investment Promotion into the Belarusian Market held in HCM City on March 19. — Photo courtesy of ITPC

With their complementary strengths, Việt Nam and Belarus have considerable potential to enhance trade and investment cooperation, according to participants at a seminar held in HCM City on March 19.

In his opening remarks, Trần Phú Lữ, director of the Investment and Trade Promotion Centre of HCM City (ITPC), said in the context of increasing international economic integration, exploring new markets, diversifying trade partners and attracting investment are among Việt Nam’s top priorities, particularly for HCM City.

Belarus, with its growing economy and open investment policies, is emerging as a promising destination for Vietnamese businesses and investors.

Bilateral ties have been reinforced in recent years, especially since the Việt Nam-Eurasian Economic Union (EAEU) Free Trade Agreement came into effect.

This agreement grants both sides market access for goods covering approximately 90 per cent of tariff lines and accounting for over 90 per cent of bilateral trade.

This creates substantial opportunities for Vietnamese businesses to enter the Belarusian market as well as other countries in the region.

Lữ highlighted the visa exemption agreement for ordinary passport holders of both countries that took effect in January this year. This milestone in bilateral relations paves the way for enhanced cooperation in cultural exchange, trade and tourism.

Trade between the two countries has grown strongly, reaching US$59.7 million last year after rising by 45 per cent. But Lữ said this is not commensurate with bilateral ties and the expectations of the business community.

He said Vietnamese businesses, particularly those in HCM City, are showing increasing interest in the Eastern European market.

Kiryl Halantsou, consul general of Belarus in HCM City, said Việt Nam is a priority partner for Belarus in Southeast Asia.

He underscored the positive impact of the Việt Nam-EAEU FTA and the vast potential for interregional cooperation, particularly between Minsk, the capital of Belarus, and HCM City.

He pointed out that Belarus’s key exports to Việt Nam include pharmaceuticals, cosmetics, milk, and dairy products, and its imports from Việt Nam are also on the rise with products such as rice, nuts, fruits, medical equipment, pharmaceuticals, clothing, seafood, and coffee widely consumed by Belarusian customers.

Many leading Belarusian companies rely on rubber, equipment and electronics sourced from Việt Nam, he said.

This economic interdependence and complementarity indicate the scope for further cooperation, he said.

Halantsou called for elevating the collaboration to a new level through the establishment of joint ventures to produce high-tech, competitive products that meet domestic demand and could also be exported to other markets.

Polina Girenko of the department for international cooperation and information promotion at the National Centre for Marketing of Belarus, spoke about her country’s diverse economic potential.

She highlighted its status as a leading exporter of agricultural products, wood and timber products and fertilisers and introduced emerging sectors such as IT, healthcare and medical tourism.

She referred to its position as a gateway to the EAEU market and its strong industrial base, particularly in machinery manufacturing.

The seminar was organised by the ITPC together with the Belarussian consulate in HCM City and that country’s Ministry of Foreign Affairs’ National Marketing and Pricing Research Centre. 

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