HCM CITY (VNS) — HCM City and Mongolia have much potential in trade, especially in garment and textile, Regzenda Sandag of the Mongolian Ministry of Industry and Agriculture told Vietnamese officials at a bilateral seminar held in HCM City yesterday.
Regzenda said his country, whose economy is based mostly on agriculture, is trying to integrate into the global economy.
It exports hundreds of items to the EU with low tariffs and is negotiating a free trade agreement with Japan, making it an attractive investment destination for companies, especially those building industrial parks, he said.
His country wants to co-operate with HCM City businesses in the garment and textile sector to develop its own industry and exports, he added.
Nguyen Binh An, deputy head of the Viet Nam National Textile and Garment Group's southern office, said Viet Nam's garment and textile industry, which employs 2.5 million workers, is growing at 15-20 percent annually.
Last year trade between the city and Mongolia was estimated at more than US$3 million.
Tran Xuan Dien, deputy director of the city Department of Industry and Trade, said there is huge potential for economic co-operation between the city and Mongolia.
"HCM City has advantages in human resources while Mongolia has raw materials. But the biggest challenges for the two sides are language and geography."
At a recent meeting with the chairman of the Ulaanbaatar city council, Dashjamts Battulga, Le Hoang Quan, the HCM City chairman, promised to foster ties with the Mongolian capital.
The two leaders spoke about the need to organise more business forums to create opportunities for businesses in the two cities to establish links. — VNS