Vietnam keen to boost economic and trade links with C5 nations

These nations have maintained good traditional friendly relations with Vietnam and the enhancement of co-operation with this region has been regularly promoted by senior leaders of both sides over recent times.

However, economic, trade, and investment links between Vietnam and C5 remains at a very modest level, while the two sides still have huge potential and ample room for stronger co-operation moving forward.

In the context that C5 is emerging as a region of geopolitical and geo-economic importance in the world, and is also recognisned by many big countries such as the United States, China, Russia, Turkey, and the EU, building and implementing comprehensive solutions as a means of bolstering economic trade and investment co-operation between Vietnam and C5 countries is essential.

These solutions include striving to fine-tune and expand legal frameworks in economic and trade cooperation.

Accordingly, the Minister assigns the European - American Market Department to chair and co-ordinate with research units to develop a project to augment economic and trade links between Vietnam and C5, whilst also dealing with difficulties and obstacles in bilateral co-operation.

The Ministry of Agriculture and Rural Development and relevant establishments will then study the exchange and conclusion of agreements in the fields of plant and animal inspection, and mutual recognition of product quality certificates in support of Vietnamese export activities to C5 countries.

The second is the solution of market-supported information policy aimed at researching to conduct field surveys in the C5 market as a means of building co-operation models for information exchange to serve the business communities of the two countries.

This is in addition to supporting businesses in finding effective payment solutions, as well as ensuring priority and minimizing risks in production transactions in this region.

​The Trade Remedies Authority of Vietnam has been assigned to preside over and work with the European - American Market Department to promote early warning of trade defence cases in the Central Asian region against Vietnamese export goods.

Third is the solution to enhance trade promotion and business connections. With this solution, the Vietnamese side will intensify research into C5 policies to support Vietnamese businesses in expanding investment and trade into this regional market to fully exploit the available advantages of C5.

It will enhance the promotion of Vietnamese industries, brands, and goods (especially the Vietnam National Brand products) to consumers and business communities of other countries.

This will be along with maintaining trade promotion programmes and organizing exhibitions and major domestic fairs to attract C5 businesses to Vietnam to find partners and sources of goods.

The fourth solution is to ramp up ties in the new economic model with a view to providing information and offering favourable conditions for businesses of both sides to expand cooperation in the field of circular economy, green economy, digital economy, and e-commerce.

The Department of Industry will preside and co-ordinate with units to research mechanisms to augment co-operation with C5 countries in the field of industry, especially key and green sectors.​