Viet Nam, Mongolia boost agricultural trade to $200 million by 2030

On November 12, the Viet Nam - Mongolia Business Forum 2026 was held in Ulaanbaatar, Mongolia, on the sidelines of the 20th Session of the Vietnam - Mongolia Intergovernmental Committee on Trade, Economic, Scientific and Technical Cooperation. The event was attended by Vietnam’s Minister of Agriculture and Environment Trinh Viet Hung and Mongolia’s Minister of Food, Agriculture and Light Industry Tsagaankhuu Iderbat, alongside representatives of government agencies and businesses from both countries.

The forum provided an opportunity for businesses from both sides to exchange information, seek potential partners and explore opportunities for trade and investment cooperation, contributing to the practical implementation of the Vietnam - Mongolia Comprehensive Partnership.

Targeting USD 200 million in agricultural trade

In his opening remarks, Mongolia’s Minister of Food, Agriculture and Light Industry Tsagaankhuu Iderbat expressed his pleasure at the positive progress in friendship and cooperation between the two countries, particularly in trade, agriculture and investment.

According to the Minister, Viet Nam and Mongolia have considerable potential and complementary strengths, particularly in livestock development, agro-processing, food production and market expansion. The forum would provide an opportunity for businesses from both countries to strengthen connections, exchange information, seek partners and advance concrete cooperation projects.

He expressed his hope that the business communities of both countries would proactively seize emerging opportunities and expand investment and trade cooperation, thereby deepening the Viet Nam - Mongolia Comprehensive Partnership and making it more practical and effective.

Speaking at the forum, Viet Nam’s Minister of Agriculture and Environment Trinh Viet Hung emphasised that 2026 marks a new phase in the development of the Viet Nam - Mongolia Comprehensive Partnership, built on the foundation of traditional friendship and deep political trust.

The Minister expressed his confidence that the business communities of the two countries would play an important role in translating their strong bilateral relations into tangible economic benefits, thereby driving robust growth in bilateral trade.

According to Minister Trinh Viet Hung, despite the geographical distance between them, the Vietnamese and Mongolian economies have highly complementary strengths. Mongolia has advantages in livestock farming, goat and sheep meat, dairy products, wool, cashmere, medicinal herbs and minerals. Meanwhile, Viet Nam is well-positioned in tropical agricultural products, seafood, rice, coffee, fruit, processed foods, textiles and electronics. The country is also deeply integrated into global supply chains through its extensive network of free trade agreements.

In practice, bilateral trade has already shown positive developments. Mongolian products such as goat meat, sheep meat and cashmere have gradually gained access to the Vietnamese market, while Vietnamese agricultural and industrial products are expanding their presence in Mongolia.

To make better use of the potential for cooperation, Minister Trinh Viet Hung called on businesses from both countries to focus on four key areas.

The first priority is to expand trade and strengthen market connectivity. Businesses should proactively study market demand and import standards, connect with distributors and establish long-term supply relationships. Vietnam seeks to increase exports of agricultural products, seafood, processed foods and consumer goods to Mongolia, while facilitating greater access for Mongolia's key products to the Vietnamese market.

The two sides should also promote investment and deeper processing. Vietnamese businesses could explore investment opportunities in meat and bone processing, leather tanning, wool, cashmere and agricultural processing facilities in Mongolia. Conversely, Mongolian raw materials could be combined with the technological and processing capabilities of Vietnamese businesses, together with their access to ASEAN markets, to increase product value.

Another key priority is to strengthen investment and logistics connectivity. The two sides should proactively explore joint ventures and investment partnerships, while studying multimodal transport routes linking Viet Nam, China and Mongolia to shorten transit times and reduce shipping costs. The ongoing efforts by the two governments to negotiate and sign a bilateral Agreement on the Promotion and Protection of Investments are also expected to help strengthen business confidence.

In addition, the Minister called on businesses to accelerate digital transformation, cross-border e-commerce, digital payments and product traceability. He also stressed the importance of closer cooperation in quarantine procedures and food safety to enhance competitiveness and broaden market access.

Minister Trinh Viet Hung affirmed that the governments and relevant authorities of both countries would continue to improve the legal framework, strengthen connectivity and create the most favourable conditions possible for trade and investment activities. However, he stressed that businesses are the key actors in turning opportunities into contracts, potential into projects, and cooperation commitments into tangible economic value.

The Minister expressed confidence that, with the initiative, creativity and determination of the business communities, Viet Nam and Mongolia could work towards the target of achieving USD 200 million in bilateral agricultural trade by 2030, while expanding cooperation into other high-value-added sectors.

Businesses poised for new cooperation opportunities

At the forum, representatives of Vietnamese and Mongolian businesses introduced their respective areas of operation, production and business capabilities, as well as their competitive strengths. They also exchanged information, discussed cooperation needs, explored market opportunities and sought potential partners, with a view to developing concrete trade and investment cooperation programmes.

Drawing on their business experience and the need for stronger connections, businesses also called on the governments and relevant ministries and agencies of both countries to provide continued support and create more favourable conditions for bilateral cooperation. Proposed measures included establishing regular business networking mechanisms, developing platforms for trade and investment promotion, and refining policies to help businesses access markets, find partners and implement joint projects.

Participants noted that proactive support from the authorities of both countries, particularly in addressing institutional and policy-related obstacles and facilitating trade, would help businesses make better use of their respective strengths and potential. This would also help turn the opportunities discussed at the forum into concrete contracts and cooperation projects, providing fresh momentum for the substantive and sustainable development of Viet Nam - Mongolia economic and trade relations.

Also within the framework of the forum, representatives of two Vietnamese and Mongolian businesses signed a cooperation agreement in the presence of the two Ministers and the Ambassador.

The signatories were Le Thi Minh Tam, General Director of Vietnam Mongolia JSC, and Bayanmunkh Sandag, Executive Director of Bulganmakh Market LLC.

The signing marks a step towards strengthening direct business-to-business connections, creating further opportunities for trade and investment cooperation, and making more effective use of the complementary strengths and potential of the two economies.