Vietnam sees trade rising to $1b next year


Vietnam Ambassador Nguyen Tien Phong on Thursday expressed hope that annual trade with Pakistan was likely to reach $1 billion by the end of 2023.

He said that the current trade volume stood at $800 million, which could be easily increased to $1 billion by the end of next year by tapping the potential sectors.

The ambassador was speaking at a roundtable on “Vietnam-Pakistan economic and trade ties to realise prospects”, hosted by the Centre of Pakistan and International Relations.

The envoy stressed that the two countries were engaged in extensive economic and commercial cooperation in the textile, leather, surgical, fabrics and tourism sectors.

He pointed out that Vietnam was importing many products including cotton yarn, medicines, surgical instruments, leather products, fabrics, chemicals, meat and mutton products, pet food and fertiliser, which provided Pakistan an opportunity to enhance exports and take bilateral trade above $1 billion.

“Pakistan has also a talented workforce in the IT and software field while Vietnam has good demand for these professionals, so Pakistan can increase export of its IT manpower to Vietnam.” The ambassador mentioned that diplomatic relations between Pakistan and Vietnam were revived in 1972 when both countries were facing a crisis and during that time they strengthened the bilateral ties by promoting mutual trust.

Published in The Express Tribune, December 9th, 2022.

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