Kazakhstan & Vietnam agreed on mutual protection and promotion of investments

11:21, 15 January 2014

ASTANA . January 15. KAZINFORM - The plenary session of the Majilis has approved the draft law "On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Socialist Republic of Vietnam on encouragement and mutual protection of investments".

"The agreement is aimed at creating enabling legal environment for the promotion and mutual protection of investments, improving the investment climate and further development of mutually beneficial economic and trade cooperation between the two countries", said the Minister of Economy and Budget Planning of RK Erbolat Dossayev.

According to the Minister, the Agreement was made in September 15, 2009 in Astana during the official visit of Prime Minister of Vietnam to Kazakhstan. The Agreement includes provisions related to expropriation, nationalization, compensation payment to investors and dispute resolution. The document contains provisions regulating the procedure of forming international arbitration to resolve disputes between the parties.

Dos s a y ev noted that from 2005 to September 2013 gross inflows of Vietnamese investments in Kazakhstan amounted to US D 2.4 million. The volume of trade turnover between the two countries in January-November 2013 amounted to USD 221.8 million which is two times more than for the same period 2012.

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