He said over the past four years, the Kyrgyz government has implemented multi-dimensional reforms that have contributed to the country’s stable economic growth, with an average GDP growth rate of approximately 9%.

Currently, Kyrgyzstan is fostering a favourable business environment for foreign investors, by introducing various incentives in term of tax benefits, export procedures, and administrative processes, creating numerous investment cooperation opportunities for foreign enterprises, including those from Vietnam.

He noted both Kyrgyzstan and Vietnam have great potential to promote cooperation in sectors with significant opportunities, such as agriculture, hydropower, renewable energy, tourism, information technology, and the digital economy.

“We do hope that through this meeting, economic and investment cooperation between the two countries will flourish, setting an exemplary model for economic collaboration,” said Kasymaliev.

At the event, Minister of Industry and Trade Nguyen Hong Dien stated that Vietnam and Kyrgyzstan have built a strong partnership based on a foundation of enduring friendship and mutual understanding since the establishment of their diplomatic ties in 1992. The two countries have recorded positive developments through close coordination and mutual support at multilateral forums.

Both sides have collaborated at platforms such as the United Nations and the Conference on Interaction and Confidence-Building Measures in Asia (CICA), laying the groundwork for economic, trade, and investment cooperation. In recent years, two-way trade turnover has seen strong growth, increasing by 66-70% per year, especially since the Vietnam-Eurasian Economic Union Free Trade Agreement, of which Kyrgyzstan is a member, came into effect in 2016.

Notably, in 2024, bilateral trade reached its highest level ever, surging by 172%, making Vietnam Kyrgyzstan’s largest trading partner in ASEAN. Conversely, Kyrgyzstan was Vietnam’s third largest trading partner in Central Asia.

He took the occasion to introduce Vietnam’s development potential, saying the country is widely recognized as one of the most dynamic economies in the region and the world. It is a bright spot in the global economic landscape and a safe, attractive destination for businesses, partners, and foreign investors.

Currently, Vietnam is the third largest economy in ASEAN and ranks 32nd globally. It is among the top 20 countries in international trade and one of the top 15 in foreign direct investment (FDI) attraction. With a vibrant investment and business environment, the country is increasingly seen as one of the world’s leading manufacturing hubs.

In the unpredictable global economic landscape at present, Dien said, Vietnam and Kyrgyzstan should collaborate more closely and effectively, particularly in trade, industry, and energy transition, to strengthen their resilience and adaptability.

Enhancing bilateral economic and trade cooperation, as well as fostering multilateral collaboration between ASEAN and the Eurasian Economic Union (EAEU), will bring significant benefits to both Vietnam and Kyrgyzstan, he reminded.

According to the minister, Vietnam is accelerating its industrialization and modernization, focusing on the development of fundamental industries such as mining, mineral processing, and emerging high-tech sectors like semiconductors, big data, artificial intelligence, the Internet of Things (IoT), and cloud computing.

In the energy sector, Vietnam is shifting towards green energy, promoting renewable energy and new energy sources. At the same time, the country is reviving its nuclear power development programme to diversify and stabilize energy supplies, ensuring national energy security, supporting socio-economic development, and contributing to the goal of net-zero emissions by 2050.

As these are areas where Kyrgyzstan has significant advantages and development potential, he suggested, relevant agencies and businesses from both countries should strengthen cooperation and share experiences in these fields in the coming time, to deepen bilateral economic, trade, and energy cooperation in a more substantive and effective manner and bring tangible benefits.

“The Government, the Ministry of Industry and Trade, and other ministries and sectors of Vietnam are ready to collaborate with the Government, ministries, and relevant agencies of Kyrgyzstan to support and serve as an effective bridge for businesses from both countries to enhance engagement and implement investment cooperation activities in the future,” the minister affirmed.

According to Vietnam Customs, trade exchange between the two countries averaged only US$1.36 million per year during the period from 2017 to 2021. However, the figure rose 66.7% to US$7.5 million in 2023 and 172% to US$21.5 million in 2024. Of the total, Vietnam exported US$10.8 million worth of goods to Kyrgyzstan and imported US$10.7 million from Kyrgyzstan.

PMs of Vietnam and Kyrgyzstan visit heritage site, enjoy coffee in Hanoi

VOV.VN - Vietnamese Prime Minister Pham Minh Chinh and visiting Kyrgyz Prime Minister Adylbek Kasymaliev on March 7 made a call at the President Ho Chi Minh Relic Site at the Presidential Palace in Hanoi where they enjoyed Vietnamese coffee there.