Business-to-business (B2B) connection program between entrepreneurs from Azerbaijan and Vietnam on May 9. Photo: vneconomy

An Azerbaijani business delegation came to Vietnam to seek cooperation opportunities in various fields. Both sides expressed their desire to promote economic-trade relations along with bilateral diplomatic relations.

On May 9, a business-to-business (B2B) connection program between entrepreneurs from Azerbaijan and Vietnam was organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Embassy of Azerbaijan in Vietnam.

Coming to Vietnam this time, there are 8 Azerbaijani enterprises, in the fields of textiles, pharmaceuticals, medical equipment, information technology, education, food, chemicals, and beauty care. At the program, businesses of the two countries introduced their fields of activity, product lines, and desire to cooperate.

Speaking at the event, Mai Thi Dieu Huyen from the of Vietnam Women Entrepreneurs Council, Vietnam Chamber of Commerce and Industry (VCCI), said that Vietnam and Azerbaijan have a long-standing cooperation in many fields.

Although the two countries have signed intergovernmental cooperation, investment and trade exchange between the two countries are not commensurate with diplomatic relations.

"Vietnam wishes to have a better economic relationship in trade and investment with Azerbaijan because the potential for cooperation is still great," Mai Thi Dieu Huyen said. She expressed hope that this visit of the Azerbaijani business delegation will contribute to promoting economic, trade and investment relations between the two countries.

Shovqi Mehdizade, Azerbaijan's ambassador to Vietnam, said that this is a symbolic meeting between businesses of the two countries. It marks the first step for industry associations of Vietnam and Azerbaijan to cooperate.

According to data from the Embassy of Azerbaijan, in 2021, two-way trade turnover between Vietnam and Azerbaijan reached US$160 million. In the first five months of 2022, trade turnover between the two countries increased fivefold.

However, these numbers could go even higher. Vietnam's exports to Azerbaijan include computers, phones and components, seafood, and tea. The goods that Vietnam imports from Azerbaijan are mainly crude oil and oil products, which are the main export items of the Caucasus country.

Photo: vneconomy

Ambassador Mehdizade said Vietnam and Azerbaijan still have a lot of potential to strengthen cooperation in economy, trade and investment.

Azerbaijan is in the process of establishing a direct route to transport passengers and goods between the two countries. The direct flight route will be an important new step, contributing to increasing connectivity between the two countries.

Vietnamese enterprises have many opportunities to cooperate with Azerbaijan, in the fields that the Embassy of Azerbaijan lists as having great potential such as agriculture and food processing, construction, petrochemical, renewable energy, transportation, trade, logistics, mining and digital economy.

Sakina Babayeva, head of Association of Women Entrepreneurship Development in Azerbaijan, said that both Vietnam and Azerbaijan are leading economies in their regions. They are interested in establishing international relations. “The presence of female entrepreneurs in the initiation of these relationships can also bring success,” said Babayeva.

July 2024 is the 65th anniversary of President Ho Chi Minh's historic visit to Baku, marking the beginning of the two countries' friendship.

At that event, she said, Azerbaijan “recommends the two sides to jointly carry out activities during this period, to continue the achievements of the two countries, hold a meeting in Baku on those days and discuss further cooperation projects.”

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