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The Free Trade Agreement between Vietnam and the Eurasian Economic Union, which came into force in 2016, has been a major catalyst for trade between the two countries. The agreement has not only reduced tariff barriers but also encouraged companies to invest and trade more freely. The benefits of this agreement are clear: a significant increase in trade and a diversification of products traded, ranging from manufactured goods to raw materials.
The creation of the Vietnam-Kazakhstan Intergovernmental Committee on Economic, Trade, Scientific and Technical Cooperation has also been a central pillar in strengthening bilateral relations. This committee has facilitated dialogue and collaboration between the two governments, helping to overcome obstacles and identify new opportunities for cooperation. Thanks to this framework, the two countries have been able to align their economic strategies and maximize the mutual benefits of their partnership.
Despite impressive progress, economic cooperation between Vietnam and Kazakhstan remains modest, accounting for a small proportion of their total foreign trade. However, the economies of the two countries are highly complementary, offering plenty of scope for future growth. Vietnam, with its dynamic manufacturing industry and skilled workforce, can benefit from Kazakhstan's vast natural resources and investment opportunities. Conversely, Kazakhstan can draw on Vietnam's expertise in production and technology to diversify and modernize its economy.
During his meeting with Kazakhstan's Deputy Prime Minister, Vietnamese Minister of Industry and Trade Nguyen Hong Dien highlighted several exciting initiatives for the future. Following the 11th meeting of the Intergovernmental Committee,Vietnam plans to organize working sessions with industrial associations and companies in sectors of interest to Kazakhstan. A delegation of Vietnamese companies will soon visit Kazakhstan to explore investment and business opportunities, paving the way for closer cooperation and joint projects.
To maximize the benefits of existing cooperation frameworks, Nguyen Hong Dien stressed the importance of establishing new institutions such as the Business Council of Kazakhstan in Vietnam and the Trade Representative Body of Vietnam in Kazakhstan. These institutions will play a key role in helping companies navigate business environments and fully exploit the opportunities offered by the Vietnam-Kazakhstan partnership. They will also serve as platforms for exchanging information, solving problems and promoting bilateral investment.
Kazakh Deputy Prime Minister Serik Zhumangarin expressed his ambitious vision for partnership with Vietnam, highlighting key areas for future cooperation. One of the most promising projects is the participation of Vietnamese companies in the Trans-Caspian International Transport Line. This goods transport route, linking Asia to Europe, offers immense opportunities for trade and logistics. By getting involved in this project, Vietnamese companies can not only diversify their markets, but also boost their competitiveness on the international stage.
In addition, Serik Zhumangarin encouraged cooperation in the exploitation of Kazakhstan's lithium reserves, a crucial element in the production of batteries for electric cars. This collaboration could be a turning point for Kazakhstan's high-tech sector, offering Vietnamese electric car manufacturers privileged access to an essential resource. Such synergy could propel both countries to the forefront of the electric vehicle revolution, while creating significant economic opportunities.
Businesses play a central role in boosting trade relations between Vietnam and Kazakhstan. By exploring new investment avenues and establishing strategic partnerships, they can open up new prospects for growth. The energy, construction, agriculture and information technology sectors are particularly promising for future collaboration. Vietnamese and Kazakh companies are encouraged to take advantage of government incentives and free trade agreements to maximize their profits.
The partnership between Vietnam and Kazakhstan is based on a common vision of development and shared prosperity. Both countries recognize the importance of strengthening their economic ties to meet global challenges and seize the opportunities offered by globalization.
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