From January 18 to 21, 2021, the Vietnamese Ambassador to Pakistan Nguyen Tien Phong met with leaders of Sindh province and Karachi city, the economic and financial capital of Pakistan.

This meeting was part of the Embassy's work plan in the spirit of Diplomatic Conference Resolution 31.

Photo: Bao Quoc Te

Pakistan is a potential market in South Asia, with a population of nearly 230 million, which is in high demand in trade cooperation with ASEAN countries.

The visit was also aimed at promoting the implementation of economic, trade, and investment agreements signed between the two countries, preparing for the 3rd Political Consultative Meeting, the Intergovernmental Committee, and the Sub-Committee.

This is the beginning of a series of events to celebrate the 50th anniversary of diplomatic relations between Vietnam and Pakistan (November 8, 2022).

The fifth mixed trade fair between the two countries is expected to be held in 2022.

As soon as he arrived in Karachi, Ambassador Nguyen Tien Phong went to lay flowers and visit the Mausoleum of Mohammed Ali Jinnah, the founder of Pakistan.

Trade below true potential

Photo: Bao Quoc Te

The Ambassador visited and worked with the Minister of Tourism and Heritage of Sindh province, leaders of the Federation of Pakistani Chambers of Commerce and Industry, the Federation of Karachi Chambers of Industry and Commerce, Karachi Port Authority, Pakistan Fisheries Import and Export Association, and Pakistan Tea Association.

Over four days of meetings with the Pakistani business community, Nguyen Tien Phong emphasized Vietnam - Pakistan bilateral relations, adding that many businesses had been cooperating and doing business effectively for Vietnamese enterprises.

"The focus of meetings and contacts with leaders of Sindh province, Karachi city, and the local business community was to promote and further expand and diversify the activities of Vietnam's exports to Pakistan," said the ambassador.

Photo: Bao Quoc Te

According to KCCI President Muhammad Idrees, KCCI will help arrange any agreement between KCCI and any other Vietnamese CCI that goes beyond signing.

"Despite the worldwide breakout of the Covid-19 epidemic, Vietnam’s GDP is expected to grow by 2.9% in 2020, according to the International Monetary Fund. Vietnam’s GDP may drop to 2.6% in 2021, while the World Bank predicts it will rise to 5.5% in 2022. In order to address some of Pakistan’s difficulties and move the country toward a more efficient industrial and manufacturing-based economy, Pakistan’s government should study Vietnam," he said.

He stated that the current volume of trade between Pakistan and Vietnam was below the true potential, as Pakistan exported goods worth US $136.67 million in 2020 while Vietnam imported US $437.95 million, which needed to be improved through collective efforts as there was a lot of untapped potential in a number of commodities.

"Shrimp farming and processing joint ventures are excellent places to work together in the seafood industry," added the President.

KCCI President Muhammad stated a lot of untapped potential in a number of commodities. Photo: Bao Quoc Te

Overcoming the Covid-19 epidemic

According to Ambassador Nguyen Tien Phong, although the Covid-19 epidemic had a negative impact on trade exchanges between the two countries, the bilateral turnover between Vietnam and Pakistan has reached over 794 million USD, up 50.4% compared to the previous year.

Vietnam continued a trade surplus to the Pakistani market, with a rate of 200% in 2021.

Photo: Bao Quoc Te

The two sides agree that Vietnam and Pakistan can use the current momentum to realized many opportunities for bilateral trade between Vietnam and Pakistan.

ln particular, exports will reach the milestone of US $1 billion in 2022 to celebrate the 50th anniversary of diplomatic relations between the two countries.

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