Vietnamese businesses expect to penetrate deeper into the Kyrgyzstan market

The Kyrgyzstan market with much room for industrial and energy development is attracting the attention of Vietnamese businesses...

Expectations for the potential Kyrgyzstan market

Within the framework of the official visit of the Prime Minister of Kyrgyzstan to Vietnam, on the morning of March 7, in Hanoi , a meeting took place between the Prime Minister of Kyrgyzstan and the Vietnamese business community to promote trade and investment cooperation between the two countries.

On the sidelines of the event, a reporter from the Industry and Trade Newspaper had an interview with Mr. Nguyen Le Anh - Chairman of the Board of Directors of Viet Technology Company Limited - the company that has just signed a memorandum of understanding with the Ministry of Energy of Kyrgyzstan.

PV: Could you tell us about the importance of the recently signed memorandum of understanding for the company?

Mr. Le Anh: For the company, the memorandum of understanding is a very meaningful activity. Not many investors are interested in Kyrgyzstan, and Viet Technology is one of the leading companies, demonstrating the aspiration of Vietnamese enterprises to reach the regional level. This also affirms that the supply chain for electricity development in Vietnam is fully capable of meeting the requirements of neighboring countries, creating opportunities for Vietnamese enterprises to reach the world level.

Many Vietnamese businesses at the event promoting trade and investment cooperation between Vietnam and Kyrgyzstan. Photo: Can Dung

PV: Sir, why did Viet Technology Company Limited choose the Kyrgyzstan market to invest in?

Mr. Le Anh: Viet Technology Company Limited has 20 years of experience in developing in the field of electrical construction and installation. The company also participates with major customers such as Vietnam Electricity Group, power generation companies and power transmission corporations and private power developers.

With our experience in Vietnam, we have seen that the size of the power grid in Vietnam is now ten times larger than that of Kyrgyzstan. Their power system is similar to that of Vietnam about 20 years ago. Therefore, we are confident that we can participate in the development of their power system, including infrastructure such as power lines, substations, as well as power plants, especially wind power, solar power and hydropower.

Prime Minister Adylbek Kasimalye and Minister Nguyen Hong Dien witnessed the signing ceremony between the Kyrgyz Ministry of Energy and Vtech Vietnam Company. Photo: Can Dung

Moreover, Kyrgyzstan is a new market. Regarding the electrical system, we find it quite similar to ours. In particular, Vietnam's electrical system also originated from the former Soviet Union, and the same goes for Kyrgyzstan. Vietnam's electrical standards now basically meet IEC standards, which are world standards. Therefore, compatibility and responsiveness are completely possible, except for some special climatic conditions, for example, they are a cold country with negative temperatures. All standards for operation and equipment procurement may differ, but not much and all comply with IEC regulations.

PV: Sir, besides Kyrgyzstan, what are the company's long-term plans for expanding the international market?

Mr. Le Anh: Our company has invested in New Zealand; in the future, we will continue to penetrate into Central Asian countries, first Kyrgyzstan, then maybe Uzbekistan or Sri Lanka, countries with great demand for electricity development. We have the opportunity because we are 5-10 years ahead of the trend, we can use our experience to contribute to the development of other countries and at the same time seek opportunities for ourselves.

In the domestic market, the demand for domestic electricity development is very large. The revision and implementation of the Power Plan 8 is a great ambition to meet the electricity demand for socio-economic development. Therefore, there will be a lot of work waiting for Viet Technology and Vietnamese enterprises.

Ministry of Industry and Trade supports businesses to reach out to the ocean

PV: How does the company evaluate the role of trade promotion programs organized by the Ministry of Industry and Trade in supporting businesses in expanding export markets?

Mr. Le Anh highly appreciated the trade promotion role of the Ministry of Industry and Trade in connecting Vietnamese enterprises with foreign markets. Photo: Phuong Cuc

Mr. Le Anh: In today's forum, we clearly see the role of the Ministry of Industry and Trade in bilateral and multilateral trade promotion activities. That is very good news for Vietnamese enterprises. Promotion activities, meetings and trade exchanges like this will help Vietnamese investors and enterprises have more information and confidence in their activities and investments abroad.

In the coming time, I hope that the Ministry of Industry and Trade will have more activities with specialized topics, topics specializing in energy, topics specializing in seafood export... In addition to organizing promotions with partners when they come to Vietnam, there is a need for more promotional events abroad, targeting areas that are not yet covered by many countries, such as Central Asia.

Thank you very much for sharing!

Not only possessing valuable mineral resources, Kyrgyzstan is also a country with great potential in the renewable energy industry. At the meeting between the Prime Minister of Kyrgyzstan and the Vietnamese business community on the morning of March 7, the Minister of Energy of Kyrgyzstan emphasized: “We are entering the era of green energy with many hydropower, solar power and wind power projects. The State is committed to purchasing 100% of clean electricity from renewable energy plants. This is a great opportunity for Vietnamese businesses interested in this field.”

Source: https://congthuong.vn/doanh-nghiep-viet-ky-vong-tien-sau-vao-thi-truong-kyrgyzstan-377237.html