Belarusian visit entailed co-operation contracts

This is Lukashenko’s first visit to Vietnam since his re-election in early October 2015

According to Vietnam’s Ministry of Foreign Affairs, during this visit, joined by 30 Belarusian leading firms, Vietnamese firms and their Belarusian partners signed co-operation contracts worth $350 million in sectors such as industrial and agricultural machinery, mining equipment, automobile spare parts, tyres, and agriculture.

The two countries have also clinched several co-operation agreements on economic, cultural, scientific, educational and tourism co-operation.

This was Lukashenko’s first visit to Vietnam since his re-election in early October 2015. His schedule included bilateral talks with his Vietnamese counterpart Truong Tan Sang, and meeting with Party General Secretary Nguyen Phu Trong, Prime Minister Nguyen Tan Dung and National Assembly Chairman Nguyen Sinh Hung.

In addition to agreeing to increase high-level visit exchanges, the leaders agreed that in order to raise the two countries’ trade and investment co-operation, it was extremely important to expedite the adoption and implementation of the free trade agreement (FTA) signed by the Eurasian Economic Union (Russia, Belarus, Kazakhstan and Armenia) and Vietnam in mid-May 2015. Under this FTA’s commitments, 90 per cent of both sides’ tariff lines will be liberalised

According to a joint statement released during the visit, the two countries have agreed to focus their co-operation into trade and investment, especially in such sectors as vehicles, agriculture, petro-chemicals, information and technology, electronics, mineral exploitation and aquatic product processing.

Currently, Belarus is co-operating with Vietnam to implement several projects to manufacture trucks and buses. Lukashenko suggested opening more joint ventures to make passenger vehicles in Vietnam.

Belarus is also interested in introducing many more active operations by Vietnamese corporations to the Belarusian market. For example, firms like Viettel can participate in various investment projects in Belarus. Also, a joint venture to process Vietnamese coffee has already been launched in Minsk.

The leaders have also agreed to organise a meeting between the two countries’ inter-governmental committee in early 2016, in order to specify concrete co-operative projects and programmes between the two countries.

Belarus supported Vietnam in running for a post in the United Nations’ Economic and Social Council for the 2016-2018 tenure.

The two countries’ trade turnover remains modest, at $152.2 million in 2013, which was down to $107 million last year. In this year’s first eight months, the figure stood at $96 million.

Vietnam and Belarus forged their diplomatic ties in 1992.