Kazakhstan trade likely to bloom

A full picture of the Kazakhstani market and its business opportunities was unveiled at a forum held in Ha Noi yesterday. Photo baohaiquan

Viet Nam and Kazakhstan signed a number of framework agreements on economic, trade, diplomatic, education, investment, labour and energy co-operation in recent years, said Vice Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong.

According to Viet Nam's General Department of Customs, trade between the two countries was almost US$230 million in 2014, with $219 million from Viet Nam's exports, up 42 percent year-on-year. Exports consisted primarily of cell phones and electronic spare parts, machinery and farm produce. Imports, meanwhile, doubled, including ore and minerals.

Under the recently-signed free trade agreement between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan, Viet Nam will enjoy export tariff incentives for farm produce, seafood, garments, footwear and wooden furniture. Viet Nam will also open markets for farm produce, machinery, equipment and transport vehicles.

Other commitments cover services, investment, intellectual property, competition, trade protection and dispute settlement in line with World Trade Organisation regulations, Khuong said.

Ranked 77th

Rapil Zhoshybayev, First Deputy Foreign Minister of Kazakhstan and Head of the EXPO-2017 trade promotion delegation, informed that Kazakhstan is currently ranked 77th in the World Bank's Doing Business 2015 annual report and 50 th in the world's national competitiveness rankings.

The country is focusing on metallurgy, chemicals, oil and gas, mechanical and food technologies and construction materials, among others.

Zoshybayev also introduced the Astana EXPO-2017 themed "Future Energy", which is expected to host exhibitors operating in eco-friendly energy sources.

The forum was co-hosted by the VCCI, the Kazakhstani Embassy in Viet Nam and the Astana Expo 2017 organising company.