Vietnam, Armenia to boost trade

09:13 | 13/04/2017 Cooperation

(VEN) - Vietnam and Armenia have agreed to cooperate in a variety of fields to boost bilateral trade in goods and services, including the possibility of establishing jewelry manufacturing joint ventures.  

vietnam armenia to boost trade
Deputy Minister of Industry and Trade Tran Quoc Vuong

This was one of the outcomes of the first session of the Vietnam-Armenia Intergovernmental Committee for Economic, Commercial, Scientific and Technological Cooperation held recently in Hanoi. The talks were chaired by Vietnamese Deputy Minister of Industry and Trade Hoang Quoc Vuong and Armenian Deputy Minister of Economic Development and Investments Hovhannes Azizyan.

Trade dropped

Armenia, which established diplomatic relations with Vietnam in 1992, has potential for partnerships in exports, agriculture and food processing.

Deputy Minister Hovhannes Azizyan said the Armenian government is willing to create a fair environment for domestic and foreign businesses.

According to Deputy Minister Hoang Quoc Vuong, bilateral trade has improved following President Serzh Sargsyan’s visit to Vietnam in 2012, but remains modest and incommensurate with its potential. Bilateral trade even decreased from US$6 million in 2015 to US$2.4 million in 2016. Trade in agricultural products between the two sides is still conducted via a third country and therefore remains limited.

Increasing cooperation

The two deputy ministers agreed to boost bilateral cooperation in trade, industry, culture, tourism, sports, agriculture and information technology.

In economic cooperation, the two sides agreed to make joint efforts to promote trade in goods and services. Favorable conditions will be created for businesses to seek cooperation opportunities.

They also agreed to initiate negotiations as soon as possible on an agreement on avoidance of double taxation and prevention of fiscal evasion with respect to taxes on incomes and assets.

The two sides expressed willingness to jointly organize fairs, exhibitions and workshops to facilitate the establishment of joint ventures.

In agriculture, the two sides will seek cooperation possibilities in producing raw food materials. Vietnam and Armenia will make the most of opportunities offered by the free trade agreement between Vietnam and the Eurasian Economic Union to boost trade in agricultural products. The two countries also agreed to exchange information about international agricultural events that take place in each country.

Deputy Minister of Industry and Trade Tran Quoc Vuong:

The good relationship between Vietnam and Armenia was formed when Armenia was still a member of the former Soviet Union. However, bilateral trade remains modest and incommensurate with its potential. The two sides therefore need to boost trade cooperation in the future.

Nhật Quang