(VOVWORLD) -President of the Republic of Kazakhstan Kassym-Jomart Tokayev is on a 3-day official visit to Vietnam at the invitation of President Vo Van Thuong. The visit is an opportunity for the two countries to open a new chapter in their bilateral relations, given the great potential for economic cooperation.
Vietnam and Kazakhstan established diplomatic ties on June 29, 1992. The bilateral friendship has been fostered by multiple generation and achieved positive results over the past 31 years.
Fruitful traditional friendship
The two countries have maintained friendly bilateral relations, exchanged high-level visits, supported each other's international initiatives and enhanced cooperation within the framework of international organizations. The free trade agreement between Vietnam and the Eurasian Economic Union (EAEU), of which Kazakhstan is a member, took effect in 2016 and became a driving force for the two countries to promote trade exchanges. The establishment of the Vietnam-Kazakhstan Intergovernmental Committee on economic, trade, scientific, and technical cooperation is also an important basis to strengthen bilateral ties.
Two-way trade has tripled since the Vietnam-EAEU Free Trade Agreement was signed, reaching nearly 600 million USD last year. The two sides are striving to bring the amount to 1.5 billion USD by 2030. In March this year, a delegation of Kazakh manufacturers and businessmen visited Vietnam to learn about the investment environment and cooperation partners.
The opening of a direct flight between the two countries last October has facilitated the exchange of delegations and promoted bilateral cooperation in tourism and transportation. Vietnam has become an attractive destination for many Kazakh tourists, said Kazakhstan's Ambassador to Vietnam Yerlan Baizhanov.
“Vietnam and Kazakhstan have nurtured a good traditional friendship since Kazakhstan was part of the former Soviet Union. That relationship has continued to grow since Kazakhstan became an independent Republic. The two sides have signed several documents to boost cooperation including a Free Trade Agreement, and a Memorandum of Understanding between the Foreign Investment Agency of the Vietnamese Ministry of Planning and Investment and the Investment Committee of the Ministry of Foreign Affairs of Kazakhstan. Our two countries are distant geographically but are very close in many ways,” said the Ambassador.
A new chapter in bilateral ties
Ambassador Baizhanov said during President Tokayev's visit, the two sides will sign several documents including the Joint Action Plan to promote economic and trade cooperation.
He said: “We look forward to increasing bilateral trade. This year, we have seen some positive signs. In the first 5 months, trade turnover has grown significantly against the same period last year and it is expected to reach 1 billion USD by the end of the year. It’s important to effectively promote existing mechanisms to expand bilateral trade and economic cooperation. “
In order to further promote bilateral cooperation, Ambassador Baizhanov suggested the two sides establish cooperation institutes, sign more cooperation agreements, and establish committees. To this end, it’s necessary to establish new relationships in science, trade, education, information and culture, he said.
Over the last 30-plus years, Vietnam and Kazakhstan have been effectively fostering their bilateral ties, which are expected to be further strengthened during President Tokayev’s visit.