Kazakhstan, Vietnam turnover rises to almost $ 222 million

Jan.15. Trend. Astana

By Daniyar Mukhtarov

Kazakhstan, Vietnam turnover rises to almost $ 222 millionTrade turnover between Kazakhstan and Vietnam amounted to $221.8 million for 11 months of 2013, Kazakh Minister of Economy and Budget Planning Erbolat Dosaev said on Jan.15, speaking at the plenary session of the Majilis (lower chamber of the parliament), the ministry statement said.

According to the statement, this figure doubled as compared to the same period in 2012 ($121.3 million).

The meeting discussed the draft law on ratification of the Agreement between the Governments of Kazakhstan and Vietnam on encouragement and mutual protection of investments.

The agreement was signed in Astana in September 2009 during the official visit of Vietnamese Prime Minister Nguyen Tan Dung to Kazakhstan. The document is aimed at creating favorable legal conditions for promotion and mutual protection of investments, improving the investment climate and further development of mutually beneficial economic and trade cooperation between the two countries.

The minister said that from 2005 to 2013, the Vietnamese investment in Kazakhstan’s economy amounted to $ 2.4 million. Direct Kazakh investment in Vietnam’s economy during this period is not available.

The Minister also stressed that the promising direction of investment cooperation is in the oil and gas sector between NC KazMunaiGas JSC and PetroVietnam, the Vietnam Oil and Gas Group (PVN).

Considering that Vietnam over the past few years is among the top ten fastest growing economies in the world, the entry into force of this agreement will give impetus to further improve the investment cooperation between the two countries,” Dosaev said.

The main commodities exported by Kazakhstan to Vietnam are asbestos, metal, as well as various transport equipment. Kazakhstan imports tea, medicines, food processing equipment, computers and their accessories from Vietnam.