(MPI) - Deputy Minister of Planning and Investment Tran Quoc Phuong received Deputy Minister of Investment and Trade of Uzbekistan Kasimov Elzat in Hanoi on March 18.

At the reception. Photo: MPI

Deputy Minister Phuong stated that investment cooperation between the two countries still remains modest. Vietnamese investors have five projects in Uzbekistan worth 4.4 million USD as of February 2024. However, there has not been any investment from Uzbekistan in Vietnam; the two countries boast huge strengths for partnership in fields such as oil and gas, agriculture, and textiles, and having a cooperation mechanism and a business and investment environment that are increasingly improved.

The deputy minister asked both sides to expand cooperation in the fields that the two nations hold complementary advantages, and organise conference for the two countries’ business explore the business and investment climate of each side. “We not only invest in Vietnam and Uzbekistan but also move towards investing in the Asia and Central Asia market,” he stressed.

To further strengthen the partnership, the Ministry of Planning and Investment will continue to coordinate with related ministries and sectors to seek more opportunities and solutions, especially through the WTO cooperation mechanism. Deputy Minister Phuong said that the ministry will also continue to provide all support and create a favorable investment environment for investors, including Uzbek ones.

For his part, Kasimov noted that to enhance partnership, the two countries need to establish a joint cooperation group to identify an intensive directions. He also highly appreciated Vietnam’s achievements within the WTO framework, and wished to learn more experiences in this area.

The Uzbek official expressed his belief that there will be many cooperation opportunities opened between the two countries in the future, especially in agriculture, oil and gas, and textiles. The two countries will jointly develop a specific plan for better bilateral relations and mutual development of the two nations./.

Bao Linh

Ministry of Planning and Investment