A round-table discussion between Vietnamese and Belarusian businesses was held in Hanoi on April 7 as part of Belarusian President Alexander Lukashenko’s visit to Vietnam.

At the meeting, businesses concerns were raised for discussion with the aim of developing the traditional economic ties between the two countries.

Three foreign trade agreements were signed on the occasion, including an agreement on the Hanexim Company’s imports of kali fertilizer from the Kali Joint Stock Company of Belarus, an agreement on the Agricultural Product Company’s imports of kali fertilizer from the Kali Joint Stock Company of Belarus and an agreement on the Mekong Company’s imports of tractors from the Minsk Tractor Factory.

Entrepreneurs said that the cooperation between the two countries’ businesses in recent times has proved positive. However, some certain difficulties need to be deal with as soon as possible.

Tran Minh Tri, Director of the Mekong Company which has maintained a long-term business cooperation with Belarusian businesses said, ”Most businesses must manage their business activities by themselves as they are in a difficult position to ask for privileges from the State. However, we still need an intermediary bank to open a Letter of Credit (L/C) for payment with Belarusian customers.”

Nikolay Andrianov, General Director of the Byelorussian Steel Company said, “The fine economic relations between Vietnam and Belarus have been finalized by inter-governmental cooperation programmes as it is an integral part to the success of bilateral cooperation. We are keen on investing in Vietnam, which is a strongly developing market. Both sides should perfect the legal foundations for facilitating businesses’ operations. The great support of both countries’ leaders is the best condition for both countries to boost trade ties in the near future.”

In 2007, two-way trade turnover reached US$75 million, up 51 percent over 2006, including US$10 million from Vietnam and US$65 million from Belarus. Vietnam mostly imports machines, equipment and materials for electricity, coal, mining and transport industries from Belarus while Belarus imports from Vietnam seafood, tea, coffee, rice, fresh fruits and fine arts and handicrafts.

However, trade and investment relations between Vietnam and Belarus are still far from matching their potential. Therefore, businesses should make a greater effort to make their cooperation more effective.

Regarding joint trade activities in the near future, Minister of Industry Anatoly Rusetsky said,” We are ready to set up a representative office of Belarus’ major groups in Vietnam with the aim of expanding inter-banking cooperation, developing the transport system and promoting advertisement activities. In the coming time, we will export technical equipment such as tractors, automobile tyres, chemical fibres and material, electronic products to Vietnam. We are interested in importing tobacco, rice, coffee, seafood and fresh fruits from the country.”

With the efforts made by both sides, the process of development and international integration of Vietnam and Belarus will offer major opportunities for their businesses to penetrate the third markets as Vietnam is seen as a bridge to Belarusian products’ penetration into the ASEAN market. Similarly, Belarus will also act as gateway through which Vietnamese products will enter the giant EU market.