Vietnam wishes to take current $700 million trade with Pakistan to $1 billion by enhancing bilateral economic relationships with Pakistan, Vietnam wants to increase cooperation between both countries in market research, information sharing and finding the opportunities in both countries.
Vietnam Ambassador Extraordinary and Plenipotentiary Pham Hoang Kim expressed his views about trade with Pakistan during a special meeting at the regional office of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday. The Ambassador was also accompanied by commercial attache Phan Tri Trung—said Federation’s spokesperson.
Mr. Kim also said that Vietnam Chamber of Commerce and Industry (VCCI) has already signed a memorandum of understanding (MoU) with FPCCI on March 26, 2004, during President Tran Duc Luong visit to Pakistan. However, that was a long time ago and since then Pakistan’s trade with Vietnam has reached $700 million. Vietnam now focuses on strengthening this trade relationship even further.
During the meeting, FPCCI Regional Chairman and Vice President Chaudhry Arfan Yousaf said Vietnam has been an important country for Pakistan in ASEAN and business community in Pakistan also favors Vietnam as their trade partner. Pakistan is of great importance due to its strategic location in South Asia, it is the transportation route connecting Pacific and the Indian Ocean to the Arabian Sea, it is closer to petroleum hub of the Middle East and Central Asia, connecting EU and Middle East with South Asia and South East Asia which makes it a potential market of 200 million customers—he added.
While highlighting exports to Vietnam he said Pakistan majorly export textile, cotton fabrics, footwear, Cotton Yarns, surgical instruments and pharmaceutical to the country, Pakistan also trades Tea, Pepper, Iron, Rubber, Cashew nuts, Steel, and Cotton Fibers with Vietnam.
Mr. Arfan stressed the importance of exchanging the trade delegations between two countries and it should be more frequent than it was in the past he said. The Commercial Attache Mr. Trung said Vietnam has expertise in hydropower generation and can cooperate with Pakistan in this regard.