AKIPRESS.COM - Bilateral trade turnover between Vietnam and Mongolia has tripled from $41.5 million in 2017 to $132 million in 2023.

Director of the Institute of Policy and Strategy for Agricultural and Rural Development Trần Công Thắng released the figures at the Vietnam - Mongolia Agricultural Business Forum in Hanoi on November 20.

The event was jointly organized by the Ministry of Agriculture and Rural Development in coordination with the Vietnam - Mongolia Friendship Association.

According to Thắng, in the first seven months of 2024, bilateral trade turnover reached $65.5 million and the two countries are now working to reach the goal of a bilateral trade turnover of $200 million. Vietnam and Mongolia both have outstanding advantages in the field of agriculture, with Vietnam a leading exporter of products such as rice, coffee and tropical fruits.

Meanwhile, Mongolia is famous for its high-quality beef, lamb and dairy products. These are areas where businesses from both countries can exploit opportunities to meet the growing needs of the global market, said Thắng.

Therefore, the forum will be an important bridge for businesses of the two countries to meet, exchange information and seek cooperation opportunities. In addition, through this event, the two governments will share preferential policies and support mechanisms so that businesses can access each other's markets more effectively.

"We hope that the forum's results will be an important foundation for the two sides to go further in growing bilateral trade turnover, " said Thắng.

At the forum, delegates discussed the potential for trade cooperation including procedures for importing goat and sheep meat into the Vietnamese market and the potential to trade livestock between Vietnam and Mongolia.

They also discussed cooperation opportunities in the field of services and the potential for the import and export of agricultural products.

Doãn Khánh Tâm, Deputy Director, Deputy Head of the Office, National Border Committee, Former Vietnamese Ambassador to Mongolia, said that due to Mongolia's cold climate, livestock farming is much more developed.

Cattle in Mongolia graze naturally on the vast steppe, feeding on about 3,000 types of herbs, which gives the meat a distinctive flavour.

Meantime, Mongolia has been a member of the World Organization for Animal Health since 1989.

Transport is also still a problem that hinders Vietnam - Mongolia traffic.

The Mongolian side said it welcomed Vietnam's participation in the trilateral Railway Transport Agreement Mongolia - Russia - China signed in 2016. During the visit to Vietnam on November 5, 2023, Mongolian President Ukhnaagiin Khurelsukh also officially reiterated that the Mongolian Government will proactively work with China to create favourable conditions for Vietnam to join this agreement.

Within the framework of the forum, a Memorandum of Understanding was signed on cooperation and distribution of Mongolian goat and sheep meat in Vietnam.