Turkey: Vietnam's Bridge to EU And Middle East Markets

Turkey is a bridge for Vietnamese businesses to access the EU and Middle East markets, while Vietnam is the gateway for Turkish businesses to reach ASEAN.

Rosie Nguyen

ngtrang12.ftu@gmail.com December 04, 2023 | 11:20

Turkey: Vietnam's Bridge to EU And Middle East Markets

Prime Minister Pham Minh Chinh, his wife Le Thi Bich Tran and the Vietnamese delegation arrived at Esenboga International Airport in Turkey's capital Ankara. Photo: VGP

In 2023, Vietnam and Turkey celebrate the 45th anniversary of establishing diplomatic relations (June 7, 1978 - June 7, 2023). Over the past 45 years, the relationship between Vietnam and Turkey had outstanding achievements and developments in many fields.

Vietnamese Ambassador to Turkey Do Son Hai said that the people of Vietnam and Turkey increasingly care about each other, and are ready to share and support in difficult times.

The fact that Vietnam and Turkey supported each other to overcome the Covid-19 pandemic, or that two Vietnamese rescue teams came to Turkey to help overcome the earthquake in February 2023 are the clearest evidence of the mutual support between the two countries.

Regarding the economy, 2017 marked a historic milestone in trade exchange, when two-way trade turnover reached US$3.2 billion, making Vietnam Turkey's second largest partner among the Association of Southeast Asian Nations (ASEAN) countries, after Malaysia.

Although the Covid pandemic had an economic impact, in 2021, bilateral trade between Vietnam and Turkey only reached US$1.6 billion.

However, by 2022, trade turnover has shown signs of recovery, reaching more than US$2 billion. Accumulated to October 2023, Turkey has 36 valid investment projects in Vietnam with a total registered capital of nearly US$1 billion, ranking 26th/143 countries and territories with investment projects in Vietnam.

In addition, the project to develop relations between Vietnam and the Middle East - Africa region always puts Turkey in a position of great economic influence in the region.

In 2019 and 2022, Turkey announced "Asia Anew Initiative" and "Strategy to increase trade with distant countries" respectively, both mentioning ASEAN and Vietnam as potential partners.

Introducing Vietnamese goods in Turkey. Photo: HNM

Vietnamese Ambassador to Turkey Do Son Hai believed that Vietnam-Turkey relations will have qualitative changes in the near future.

Many new cooperation contents are being expanded and regularly exchanged at many levels, including cooperation on national security and defense.

Ambassador Do Son Hai said that with much room for development, economic and trade cooperation is expected to make great progress. Along with market development, investment is also a highly anticipated factor between the two countries.

On the evening of November 28, the plane carrying Prime Minister Pham Minh Chinh, his wife Le Thi Bich Tran, and the high-ranking Vietnamese delegation landed at Turkey's Esenboga International Airport. They began their official visit to Turkey from November 28-30.

During two days in Turkey, Prime Minister Pham Minh Chinh had nearly 20 consecutive activities. On the morning of November 29, Prime Minister Pham Minh Chinh received Turkish Trade Minister Omer Bolat, then laid a wreath and entered the Mausoleum to pay his respects to former President Mustafa Kemal Ataturk.

In addition to meeting Turkish leaders, the Prime Minister attended business forums to promote investment cooperation.

After the official welcoming ceremony, Prime Minister Pham Minh Chinh participated in talks between the two delegations. Leaders of both sides witnessed the signing ceremony of cooperation documents.

On November 30, Prime Minister Pham Minh Chinh worked with many leaders of large Turkish corporations.

After attending the Vietnam-Turkey Business Forum, the Prime Minister of Vietnam will receive leaders of IC Holding Group and visit Turkish Aerospace Industries and the Museum of Anatolian Civilizations.

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Rosie Nguyen