Due to its geographical location and historical development, Mongolia has built its foreign policy on the element of balance. The country’s rich uranium and lithium resources have constantly brought it to the forefront, especially in the context of the increasingly intense United States (US)-China rivalry. In addition, the Siberian Power 2 gas pipeline, which is still in the planning stages, has also contributed to Ulaanbaatar’s rise in importance.
Vietnam is in a similar position to Mongolia in terms of US-China rivalry. It is also thanks to this special position that the country has been successfully conducting Bamboo Diplomacy. Both their similar position in the US-China rivalry and their important geographical location mean that the two countries have similar approaches and close perspectives on global politics. Vietnam, for example, has good trade relations with the US and China. Therefore, the country is a politically trusted actor by both the US and China. Mongolia, on the other hand, has energy cooperation with both Russia and China. On the other hand, it has an important role in meeting the uranium needs of the West. In this context, similar perspectives have created positive momentum in bilateral relations.
On November 1, 2023, President of Mongolia Ukhnaagiin Khürelsükh and President of Vietnam Vo Van Thuong held a meeting in Hanoi, the capital of Vietnam. The main topic of the meeting was the development of bilateral relations in many areas from politics to economy, with visa liberalization and the economy being the most important issues. During the meeting, the sides agreed to increase bilateral trade volume to 200 million USD and exchanged views on visa liberalization. [1]
As a result of the talks, Mongolia and Vietnam signed an agreement on visa liberalization. While the agreement is expected to allow people to move freely between the two countries, it is also expected to have positive effects on the economy and trade. When the trade data is analyzed, the bilateral trade volume, which was around 41.1 million dollars in 2017, reached 80 million dollars in 2022. [2] . It should also be noted that bilateral trade reached 75 million dollars in the first eight months of 2023.[3] At this point, it should be noted that state officials also have positive expectations for bilateral relations.[4]
In fact, Vietnamese Ambassador to Mongolia Doan Khanh Tam stated that President Uhnaagiyn’s visit to Vietnam was a milestone in bilateral relations as 2024 marks the 70th anniversary of diplomatic relations. [5]
Ambassador Doan Khanh Tam emphasized that the two countries have significant potential and advantages in advancing cooperation in the fields of agriculture, tourism, education and training, science, information technology, digital transformation, digital economy and energy, and expressed my belief that bilateral relations will develop further in the future. As can be seen, both economic data and government officials give very positive signs about the future of Vietnam-Mongolia relations.
After all, both Vietnam and Mongolia are similar in many ways. Mongolia is trying to balance between global powers mainly through its energy sector. Vietnam, on the other hand, is trying to emerge from the US-China competition unscathed thanks to foreign investment and production activities in the country. Both their foreign policies based on a policy of balance and the situations they are in have opened the door for Mongolia and Vietnam to have a positive atmosphere in bilateral relations. In light of economic data and statements made by government officials, it can be argued that Mongolia-Vietnam relations will gain an increasingly positive momentum in the coming period.
[1] “Việt Nam, Mongolia agree on visa exemption, boosting bilateral trade during President Khurelsukh’s visit”, Viet Nam News, vietnamnews.vn/politics-laws/1636026/viet-nam-mongolia-agree-on-visa-exemption-boosting-bilateral-trade-during-president-khurelsukh-s-visit.html, (Erişim Tarihi: 01.11.2023).
[2] Same page.
[3] “Mongolian President’s Vietnam visit a milestone in bilateral ties: ambassador”, Vietnam Law, vietnamlawmagazine.vn/mongolian-presidents-vietnam-visit-a-milestone-in-bilateral-ties-ambassador-70725.html, (Erişim Tarihi: 01.11.2023).
[4] Same place
[5] “Mongolian President’s Vietnam visit a milestone in bilateral ties: ambassador”, a. g. m. (Erişim Tarihi: 01.11.2023).
