Belarus and Vietnam plan to increase their annual trade to $1 billion within the next five years, Belarus Premier Mikhail Myasnikovich said at the opening of the Belarusian-Vietnamese business forum in Ho Chi Minh, Vietnam on 1 December.

According to the Belarusian head of state, over the last five years the bilateral trade has soared more than threefold. It is expected to reach $300 million by late 2011. The two countries, however, still have a huge untapped potential. “We have agreed to make $1 billion in annual trade within the next five years,” he stressed.

In the near future Belarus plans to implement a series of large projects in Vietnam including the construction of plants to produce car parts and engines. There are also plans to increase supplies of Belarusian potash fertilizers to Vietnam. Belarus is ready to develop transport service networks in Vietnam and expand leasing financing for new purchases of Belarusian equipment for Vietnamese companies.

Mikhail Myasnikovich is confident that the two countries have big prospects in the agricultural sector. Belarus hopes for close partnership with Vietnam in agriculture and is ready to provide all necessary conditions for the implementation of the outlined projects.

The Belarusian-Vietnamese business forum in Ho Chi Minh is meant for promotion of bilateral relations. Belarus is expected to display its best investment projects and demonstrate its economic potential.

The major objective of the visit of Belarusian businessmen to Vietnam is a search for new partners. Partaking in the forum on Belarus behalf are companies engaged in the mechanic engineering, light, chemical, processing, meat and dairy, power industries and scientific sectors. Among them is Belarusian Potash Company, Minsk Motor Plant, MTZ, Belspetsvneshtekhnika, BelAZ, Belshina, MAZ, Belgorkhimprom, Minsk Meat Packing Plant, Savushkin Product and others.

BelTA