Vietnam and Mongolia have agreed to set up their business associations with the aim of obtaining US$12 million in two-way trade by 2012.
The agreement was made during the 14th session of the Mongolia-Vietnam Inter-governmental Committee on economic, trade and scientific-technological cooperation held in Ulan Bato from August 26-29.

The Mongolian side was led by Tunjin Badamjunai, Minister for Food Agriculture and Light Industry and Chairman of the sub-committee. The Vietnamese side was headed by Ho Xuan Hung, Deputy Minister of Agriculture and Rural Development and Chairman of the sub-committee.

Both sides reviewed the implementation of the agreements reached at the previous session, informed each other of socio-economic development in their respect countries and set orientations for future fundamental cooperation.

They stressed that during the upcoming visit to Vietnam by the Mongolian Chairman of National Assembly in December, the two sides are expected to sign an agreement on cooperation in education and training for the 2011-2005 period and a protocol on hygiene and food safety quarantine for meat products.
On the occasion, Vietnamese and Mongolian businesses reached cooperation agreements, serving Vietnam’s cattle-feed processing industry.
The Vietnamese delegation was received by Mongolian Deputy Prime Minister Miyegombo Enkhbold, who stressed the two countries’ strength on agriculture as well as opportunities for cooperation in health care, education, food, agriculture, light industry, mine and energy.
He said he believes that Vietnam as ASEAN Chair will support Mongolia’s participation in the East Asian Summit meeting and activities of ASEAN.
On August 29, the delegation attended a congress to set up the Vietnamese people association in Mongolia.
Two-way trade between Vietnam and Mongolia reached US$9.8 million in 2009.