Vietnam and Nepal have great potential in strengthening trade and investment activities in the future, Vietnam’s Minister of Industry and Trade Tran Tuan Anh said at the Vietnam-Nepal Business Forum in Hanoi on Friday.
The bilateral trade value reached USD26.7 million in 2018, of which Vietnam’s export value to Nepal stood at USD26.4 million and its import value from Nepal at USD300,000, 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.
“Vietnam 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, Vietnam could promote cooperation in technology transfer and third market exploitation with Nepal for many industries, such as manufacturing and processing, textile and garment, mining and agricultural.
Speaking at the forum, Nepalese Prime Minister Khadga Prasad Sharma Oli said he highly appreciated the friendly relationship between Vietnam and Nepal and was impressed by the social and economic development of Vietnam.
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 Vietnam, 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 Vietnam.