Kazakhstan, Vietnam Reach Crucial Deals to Bolster Cooperation

ASTANA – Kazakhstan and Vietnam reached significant agreements to strengthen relations and cooperation across multiple sectors, President Kassym-Jomart Tokayev said at an Aug. 21 meeting with Prime Minister of Vietnam Phạm Minh Chính, reported the Akorda press service.

Kassym-Jomart Tokayev with Prime Minister of Vietnam Phạm Minh Chính. Photo credit: Akorda.

The meeting focused on the productive discussions Tokayev held earlier with Vietnam’s President Võ Văn Thưởng during his official visit, addressing key areas of bilateral cooperation.

Tokayev said the intergovernmental joint action plan for the accelerated development of trade and economic cooperation inked today would enhance cooperation in trade, investment, technology, agriculture, transit, and tourism.

Highlighting a fresh impetus given by Tokayev’s visit to bilateral cooperation, Vietnam’s Prime Minister echoed that the signed documents between the two countries create a strong foundation for future interaction.

President Tokayev with PetroVietnam Chairman Hoàng Quốc Vượng. Photo credit: Akorda.

He expressed interest in discussing ways to strengthen and deepen relations in the political, diplomatic, investment, and trade spheres.

Tokayev stated he is determined to support the presence of Vietnamese businesses in the Kazakh market. He noted that their activities in Kazakhstan will be facilitated, demonstrating Kazakhstan’s sincere interest in fostering long-term business relationships with Vietnam.

The President met with the Chairman of Sovico Group Nguyễn Thanh Hùng, who revealed the plans to establish a trade and logistics center in Kazakhstan and increase the number of flights carried out by Vietnamese low-cost airline VietJet Air.

Kazakh President with Chairman of Sovico Group Nguyễn Thanh Hùng. Photo credit: Akorda.

Tokayev assured comprehensive support from the Kazakh government for delivering investment projects outlined by Sovico Group.

Touching on promising areas of cooperation in energy and logistics, the President stressed Kazakhstan’s interest in investing in substantial projects jointly. He acknowledged Sovico Group’s extensive experience across various sectors of the economy.

Sovico Group is one of Vietnam’s leading diversified conglomerates, specializing in energy, construction, banking, finance, and aviation. Last year’s revenue stood at $20.6 billion.

Tokayev also met with Hoàng Quốc Vượng, the chairman of Petrovietnam, a major player in the Southeast Asian oil and gas industry with consolidated assets valued at $40 billion.

Encompassing the energy sector and petrochemical industry, the President highlighted the possibility of offering tax and customs preferences to investors interested in implementing oil and gas processing and geological exploration projects.

Vượng informed Tokayev about the projects that Petrovietnam is currently supporting in the energy and petrochemical sectors.

In the first half of 2023, the trade volume between Kazakhstan and Vietnam increased 3.5-fold to $610.9 million, with exports rising to $117.7 million and imports – to $494.2 million, according to the data from the Economic Research Institute.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!