During his state visit to Mongolia between September 30 and October 1, Party General Secretary and State President To Lam met with representatives from prominent Mongolian economic organizations in Ulaanbaatar on October 1, the Vietnam News Agency reported.

During the meeting, Mr. Lam emphasized Vietnam's position as a global economic powerhouse, ranking among the top 40 economies and 20 trading nations worldwide. He highlighted the country's strong national brand, which places it among the top 32 nations.

Noting the seven decades of growing friendship between Vietnam and Mongolia, Vietnam’s top leader underscored the increased exchanges, mutual trust, and bilateral trade exceeding $120 million in 2023. He expressed optimism for future growth in these areas.

Looking ahead, he outlined Vietnam's strategic focus on digital transformation, green growth, science and technology, and innovation to enhance its global supply chain participation. He also announced plans to invest in strategic infrastructure, restructure the economy, and improve domestic capacity while supporting businesses.

Vietnam aims to become a developed nation with a modern industrial sector by 2045. Meanwhile, Mongolia's "New Revival Policy" and "Vision 2050" align with Vietnam's goals, creating opportunities for enhanced cooperation.

Mr. Lam affirmed the potential for expanded collaboration between the two nations in areas such as the Fourth Industrial Revolution, digital economy, green growth, and renewable energy. He emphasized that this cooperation would benefit both countries and contribute to regional peace, stability, and prosperity.

Mongolian Deputy Prime Minister Dorjkhand Togmid expressed satisfaction with the outcomes of Mr. Lam’s state visit to Mongolia and the opportunities for increased trade and investment. Mongolian economic representatives shared their proposals for fostering cooperation and discussed potential challenges.

Mr. Lam assured Mongolian businesses of Vietnam's welcoming environment and offered support from Vietnamese ministries and agencies. He suggested focusing on agricultural products, particularly cattle breeding, as well as mining, construction, logistics, digital transformation, and green energy.