Opinions & Interviews

“Belarus and Vietnam have very favorable conditions for developing cooperation. The two countries produce complementary goods. However, the trade, economic and investment relations are still weak in comparison with the potential the two countries have. Bilateral trade makes up a small share in the total trade of Vietnam and Belarus. We still do not make use of direct investments of each other,” the minister noted.

According to Vu Huy Hoang, the trade between Vietnam and Belarus reduced in 2012 (as compared with 2011) due to the world economic crisis. However, the joint efforts helped the two countries increase mutual trade in the early 2013. In H1 2013 the trade went up by almost 2% in comparison with January-June 2012 and reached $66.4 million. Belarus’ main imports from Vietnam include seafood, rice, rubber. Belarus exports to Vietnam its potash fertilizers, machinery, equipment and component parts, trucks, steel products and pharmaceutical goods. According to the minister, Belarus and Vietnam should work harder on the development of partner and customer relationship.

According to the minister, in order to continue the establishment of a favorable legal framework for the bilateral trade and economic cooperation, the two countries have been actively preparing for the negotiations on the free trade zone agreement between Vietnam and the Customs Union. “Vietnam and the Customs Union have already coordinated the basic framework for negotiations in the near future. At present the parties are conducting the third round of negotiations in Minsk,” Vu Huy Hoang added.