Bilateral trade between Kazakhstan and Vietnam surged to $979.2mn in 2023, marking an 85.4% increase from the previous year, official information source of the Prime Minister of Kazakhstan reported.
Initiating discussions aimed at fostering a strategic partnership, Deputy Prime Minister of Kazakhstan, Serik Zhumangarin, engaged in talks with Vietnam's Minister of Industry and Trade, Nguyen Hong Dien. The proposed partnership seeks to capitalize on Kazakhstan's abundant resources and Vietnam's thriving manufacturing capabilities.
Zhumangarin highlighted the potential for collaboration in the production of lithium-ion batteries for electric vehicles (EVs). This strategic focus aligns with global trends towards sustainable transportation solutions.
The bilateral relations between Kazakhstan and Vietnam have experienced momentum, following the official visit of the President of Kazakhstan to Vietnam in August of the previous year. Zhumangarin emphasized Vietnam's pivotal role as a key partner in Asia and cited the substantial increase in trade turnover as evidence of burgeoning economic cooperation.
Zhumangarin stressed the robust connectivity between the two nations, facilitated by 13 weekly flights, which have further enhanced economic engagement.
Beyond trade relations, Zhumangarin's proposal extends to exploring the Trans-Caspian International Transport Route (TITR) as a vital conduit for facilitating faster and more cost-effective trade between Asia and Europe. He emphasized the efficiency of this route compared to traditional sea routes and proposed leveraging key infrastructure points to maximize its potential.
The discussions also explored opportunities for collaboration in the mining and processing of rare earth metals, with a particular emphasis on Kazakhstan's abundant lithium deposits. Zhumangarin extended an invitation to Vietnamese companies to capitalize on these resources for the production of lithium-ion batteries, a crucial component in the evolving EV industry.
Exports from Kazakhstan to Vietnam amounted to $180.2mn, representing a 44.1% growth, while imports from Vietnam surged by 98% to $799mn, reflecting the increasing bilateral trade volumes.
Zhumangarin's proposition signifies a strategic alignment between Kazakhstan's resource-rich economy and Vietnam's burgeoning manufacturing sector. This alignment not only promises to bolster Kazakhstan's high-tech sector but also offers Vietnamese automakers a competitive edge in the rapidly evolving EV market.
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