Viet Nam and Nepal have great potential in trade and investment

Viet Nam and Nepal have great potential in strengthening trade and investment activities in the future, Minister of Industry and Trade Tran Tuan Anh said at the Viet Nam-Nepal Business Forum in Ha Noi yesterday. — Photo baodautu.vn

The bilateral trade value reached $26.7 million in 2018, of which Viet Nam’s export value to Nepal stood at $26.4 million and its import value from Nepal at $300,000, according to the minister.

This is a small number compared with the great potential in trade activities between the two countries, according to the minister. Besides that, the structure of imports and exports has been complementary, not directly competitive.

"Viet Nam now has advantages in expanding export markets, including joining global value chains, and has created favourable conditions for the Vietnamese and Nepalese business community in developing trade and investment activities between the two countries," Tuan Anh said.

In the future, Viet Nam could promote cooperation in technology transfer and third market exploitation with Nepal for many industries, such as manufacturing and processing, textile and garment, mining, agricultural and food processing and electronics.

Speaking at the forum, Nepalese Prime Minister Khadga Prasad Sharma Oli said he highly appreciated the friendly relationship between Viet Nam and Nepal and was impressed by the social and economic development of Viet Nam.

Nepal now is entering the stage of boosting economic development so the nation has great demand for cooperation in investment and trade with other countries, including Viet Nam, according to the Nepalese Prime Minister.

To achieve this goal, Nepal implements open investment policies and builds a favourable and friendly legal environment for investors, including investors from Viet Nam.

Nepal has enhanced investment in infrastructure, including its transport system, to encourage businesses in taking opportunities in Nepal that is a favourable transit point to access the third markets like China and India.

Minister of Industry and Trade Tran Tuan Anh said a protocol was expected between the two countries to promote negotiation about the framework agreement on investment and trade cooperation between Viet Nam and Nepal.

The agreement is expected to be an important legal foundation for improving efficiency of trade and investment cooperation between the two countries and increasing opportunities for the businesses in seeking export markets.

Tourism is one of the most important economic sectors of Nepal. After this visit to Viet Nam, tourism businesses of the two countries will have more opportunities in increasing tourists from Viet Nam to Nepal and vice versa. — VNS