On Nov. 13, Vietnam Ambassador Nguyen Tien Phong underlined that both countries had great potential to complement each other’s economy by developing close cooperation in culture, tourism and trade. He interacted with The President Islamabad Chamber of Commerce & Industry (ICCI) and important members of Pakistan business community.

Pakistan has plenty of natural resources with good prospects of better economic growth and Vietnam wants to boost the bilateral trade ties, said Vietnam Ambassador Nguyen Tien Phong.

Vietnam - Pakistan talk about cooperation in many sectors. Photo: VNT

Regarding the tourism sector, the two diplomats discussed trade and investment opportunities. ICCI President introduced famous Buddhist historical places in Pakistan, where there are many unique monuments, many stupas and monasteries in the area, and invited Vietnamese tourists and investors to visit.

Effort to improve trade balance

Pakistan business community attended the special events. Photo: Telecoalert

According to The Nations, Muhammad Shakeel Munir, President Islamabad Chamber of Commerce & Industry (ICCI), said that Pak-Vietnam bilateral trade was around US$ 500 million with trade balance heavily in favor of Vietnam.

He said that Pakistan was exporting many products around the world including marbles & granite, textiles, rice, pharmaceuticals, surgical instruments, sports goods, leather products, seafood and desired that Vietnam should consider importing more products from Pakistan for the benefit of its customers.

Vietnam could also export hybrid vehicles to Pakistan and added that both countries should sign an investment agreement to attract investors of each other country, said Nguyen Tien Phong.

ICCI President suggested both countries could also promote trade in many other products including phone and phone’s parts, computer & computer’s parts, electrical & electronics and technology equipment, rubber, steel sector and various chemicals, cited from The Islamabad Post.

He said that ICCI would like to sign an MoU with Vietnam chamber of commerce & industry to promote business linkages between the private sectors of both countries.

Attending the special occasion were 20 representatives of Pakistan business community. They all shared important notes on boosting bilateral trade ties between Vietnam and Pakistan.

The Vietnam Embassy in Pakistan listened to concerns from Pakistani entrepreneurs and helped them understand better about the Vietnamese market. Mr. Nguyen Tien Phong assured that the Vietnam embassy would facilitate the Pakistani business community in developing business linkages with Vietnamese counterparts.

Pakistan - Vietnam bilateral trade to benefit ASEAN region

In October, Vietnam and Pakistan were discussing a preferential trade agreement that would help improve bilateral trade volume between the two countries.

While addressing the Pakistan ASEAN Business Forum, Vietnam Ambassador stressed Pakistan has huge trade and investment opportunities in ASEAN’s US$3 trillion economy.

He believed that Vietnam, being an important member of ASEAN, would play its full role in paving the way for trade for Pakistan. ASEAN is a very effective trading bloc of the world have signed the Free Trade Agreements (FTAs) with China, Japan, Australia and New Zealand.

Ambassador said that the Golden Jubilee of diplomatic relations between Pakistan and Vietnam would be on Aug. 11 of coming year 2022, the day on which 50 years of diplomatic relations between the two countries would be completed.

ICCI President also shared his opinions on how to improve economic and trade relations between Pakistan and ASEAN, starting with Pakistan - Vietnam relationship. The current bilateral trade is far below its potential and the trade volume between the two countries needs to be increased.

Viet envoy responded that the main reason for the decline in bilateral trade volume between the two countries was lack of mutual awareness between the two sides, which needed to be improved in the future.

The 50 years of diplomatic relations between Pakistan and Vietnam would be marked in a dignified manner in which the development of bilateral diplomatic and trade relations between the two countries would be reaffirmed, he said.

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