Pak-Vietnam trade has great potential: envoy

November 18, 2022

Vietnamese Ambassador to Pakistan Nguyen Tien Phong has said that Pakistan has great scope to enhance its bilateral trade with Vietnam, which at present is far below their actual potential. Vietnam imports a wide variety of goods, such as cotton and yarn, medicines, surgical instruments, leather products, fabrics, chemicals, meat products, fertilizers, and pet food, and Pakistan should increase exports of these products to Vietnam in order to take the bilateral trade to over $1 billion.

Addressing the business community during his visit to the Islamabad Chamber of Commerce and Industry (ICCI) he said that Vietnam has good demand for talented workforces in Information Technology and software sectors, so Pakistan can export IT manpower.He said Vietnam’s turnover in the first 10 months of 2022 was $675 billion, with imports of $333 billion and exports of $342 billion, so there is a great scope to enhance the bilateral trade.. The Vietnamese ambassador said that the exchange of trade delegations is important to explore new avenues of mutual cooperation and suggested the ICCI form a delegation for Vietnam.

He said he will make sure that its visit remains successful.He described consistency, continuity, and stability as key requirements for Pakistan to attract foreign investment from Vietnam, the Association of Southeast Asian Nations (ASEAN) and other countries. He appreciated the ICCI’s initiative for organising the Pak-ASEAN Forum and pledged his full support. Speaking on the occasion, Islamabad Chamber of Commerce and Industry President Ahsan Zafar Bakhtawari said that Pakistan and Vietnam are enjoying cordial relations, but their bilateral trade was just around $700 million in 2021.He said that lack of awareness about business opportunities between the enterprises of both countries is the primary reason for the low level of trade.

He stressed the need for fostering solid business ties between the private sectors of both countries in order to explore all untapped potential areas and achieve a sizeable increase in trade volume. The ICCI president said that Pakistan and Vietnam can collaborate in a variety of sectors, including IT and software, agriculture, education, energy, and culture. He stated that both countries have been discussing a Preferential Trade Agreement, which should be concluded to increase bilateral trade.

He said that Vietnam is a significant ASEAN member and that close cooperation between Pakistan and Vietnam can provide easy access to the big ASEAN market. He emphasised that Vietnamese investors should explore business prospects in the China-Pakistan Economic Corridor and in other economic sectors of Pakistan. Ahsan said that Vietnam should consider investing in smartphone and computer chips, parts, and accessories in Pakistan, as Vietnam is one of the most advanced and large-scale producers of these products.


Credit : Independent News Pakistan-WealthPk