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Barriers to Belarus-Vietnam trade named

Economy 12.12.2019 | 11:48
An archive photo
An archive photo

MINSK, 12 December (BelTA) - Customs duties in the ASEAN hinder the development of trade and economic cooperation between Belarus and Vietnam, Belarus' Deputy Prime Minister Igor Lyashenko told the media, BelTA has learned.

“Customs duties in the ASEAN (Association of Southeast Asian Nations) have been a major hindrance. They reach 50% in the light industry and electrical engineering. Without addressing these issues, it will be difficult to achieve our goal in trade. This is quite a long process, and this is what we are working on right now,” Igor Lyashenko said.

According to him, this year the increase in trade between Belarus and Vietnam could reach 70%. In January-September it amounted to $153.4 million, which was well above the annual figure of $115 million in 2018. Belarus pins high hopes on the new plant to assemble MAZ trucks in Vietnam. BelAZ dump trucks are completing tests in Vietnamese quarries. Hopefully contracts will be signed following these tests.

The vice premier also said that the construction of the joint dairy facility is almost over in Vietnam. It is planned that Belarus will supply milk powder to that country to make dairy products. The facility is scheduled to go online 2020.

“Supplies have been steadily growing,” Igor Lyashenko said to describe the trade and economic relations between the countries.

The goal to raise the trade to $500 million was set in mid-2017 during the visit of former Vietnamese President Tran Dai Quang to Minsk. “Our goal in the next year or two is to reach half a billion US dollars in bilateral trade," Belarusian President Aleksandr Lukashenko said then.

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