Kazakhstan and Vietnam to develop cooperation in oil and ore mining spheres

18:00, 11 September 2012

ASTANA. September 11. KAZINFORM Oil and ore mining spheres are among promising spheres for cooperation between Kazakhstan and Vietnam, Deputy Minister of Industry and Trade of Vietnam Hoang Quoc Vuong said at the opening of the Kazakh-Vietnamese business forum.

"Oil and ore mining sectors are quite promising for investing for our countries," Hoang Quoc Vuong said, Pm.kz site informed.

Besides, he noted that Kazakhstan and Vietnam cooperated in the field of light industry within the framework of development of export potential. Thus, an agreement on establishment of a joint production of textile products in Kazakhstan has been reached.

He also emphasized that Vietnam can export seafood, tea, textile and electronics to Kazakhstan and Kazakhstan, in its turn, has an opportunity to provide Vietnam with oil products, zinc and iron.

According to Hoang Quoc Vuong, the trade turnover between Kazakhstan and Vietnam reached USD 48.6 mln in the sphere in 2011 which is 10% higher than in 2010. Import from Vietnam to Kazakhstan made USD 12.4 mln and export from Vietnam to Kazakhstan made USD 36.2 bln.

Besides, he said that the negotiations on establishment of a free trade economic zone between Vietnam and the Customs Union began.

"Signing of the agreement on establishment a free trade economic zone between Vietnam and the Customs Union will take the relations between our countries to a new level," Hoang Quoc Vuong concluded.

Customs Union Economy