Uzbekistan, Vietnam discuss prospects of investment co-op

Uzbekistan Materials 7 February 2023 14:46 (UTC +04:00)
Nazrin Babayeva
Nazrin Babayeva
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BAKU, Azerbaijan, February 7. Uzbekistan and Vietnam plan to strengthen investment cooperation, Trend reports via the press service of Uzbekistan’s Ministry of Investment, Industry, and Trade.

The matter was discussed between Uzbekistan’s Minister of Investment, Industry, and Trade Laziz Kudratov, and Minister of Planning and Investment of Vietnam Nguyen Chi Dung during the meeting in the capital of Vietnam, Hanoi.

During the meeting, the parties emphasized the importance of further enhancement of the regulatory framework between Uzbekistan and Vietnam in the field of investment and taxation.

Throughout negotiations, the sides also discussed the implementation of several joint projects in the field of food and soft drinks production, as well as the prospects for the implementation of new projects in the fields such as electric power, the production of chemical products, textiles, electrical engineering and the production of building materials.

Following the meeting, the ministers agreed to create a joint working group to prepare a program of industrial cooperation between the countries, as well as expressed their readiness to deepen cooperation on the implementation of the agreements reached.

Meanwhile, investment cooperation between these two countries is at the stage of development. According to the Ministry of Investments, Industry, and Trade, in 2018, some 17 enterprises with Vietnamese investments, including 3 with 100 percent of the Vietnamese capital, were operating on the territory of Uzbekistan. The sphere of activity of these enterprises was textile production, trade, and services.

Furthermore, Uzbekistan and Vietnam observe the growth of trade and economic relations. In particular, trade turnover between countries in 2021 amounted to $138.6 million. According to the Uzbek statistical committee, this figure increased by 61 percent or $52.7 million, compared to the figure for 2020 ($85.8 million).

Cooperation with Vietnam is of great interest to Uzbekistan since the share of trade turnover in 2021 with Vietnam was more than a third of all Asian countries ($138.6 million out of $22.2 billion).