Today, January 25, the 15th sitting of the Ukrainian-Vietnamese Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation took place. The event was co-chaired from the Ukrainian side by Deputy Minister of Economic Development, Trade and Agriculture of Ukraine - Trade Representative of Ukraine Taras Kachka and from the Vietnamese side – by Vice Minister of Industry and Trade of Vietnam Mr. Dang Hoang An.

The parties focused on ways to intensify cooperation between Ukraine and the Socialist Republic of Vietnam. In particular, they discussed improving the commodity structure of bilateral trade, expanding the range of exports and imports and other issues of mutually beneficial cooperation.

"Ukraine is interested in strengthening a constructive dialogue with Vietnamese partners on a wide range of issues. It is important for us to liberalize bilateral trade, including increasing exports of industrial goods and agricultural products. Also promising is the implementation of joint investment projects, technology exchange, cooperation in the field of agricultural engineering, energy sector, construction, agriculture, science and other priority areas," said Deputy Minister Taras Kachka.

In the issue of trade liberalization, the participants expressed interest in concluding a preferential agreement between Ukraine and Vietnam. The free trade agreement will give businesses in both countries access to new markets as well as boost trade between the countries. Thus, the parties agreed to conduct a preliminary assessment of the consequences of concluding a preferential trade agreement, taking into account the current economic realities.

On the outcomes of the meeting, the parties agreed to strengthen cooperation at the level of business representatives and to develop a legal framework in the field of plant quarantine and protection, standardization, medicines sector, regulatory policy and the stock market.

Background

The 14th meeting of the Intergovernmental Commission between Ukraine and Vietnam took place on October 10, 2017.

Throughout 9 months of 2020, the trade turnover between Ukraine and Vietnam amounted to $ 465.0 million, which is 15.8% higher than in the previous period.

Vietnam's investments in Ukraine as of September 30, 2020, amounted to $ 3.8 million.