Vietnam keen to improve trade, investment cooperation with Pakistan    

• "Moreover, Pakistan's business community can consider Vietnam as gateway to ASEAN (Association of South East Asian Nations) region and can also benefit from the free trade agreements which have been signed by Vietnam with many countries around the world", he added.
• Vietnamese Deputy DG said that Karachi Chamber with a strong membership base of 23,000 direct and more than 55,000 indirect members was the right platform which could bridge and connect the business communities of the two countries.

KARACHI: Vietnam's global trade turnover this year is more than dollars 500 billion, of which Pakistan-Vietnam trade volume is around $600 million only which is too low against the expectations and existing potentials.

This was stated by Deputy Director General of Vietnam's Ministry of Industry and Trade, Do Quoc Hung, who was leading a high-level Vietnamese delegation during their visit to Karachi Chamber of Commerce and Industy (KCCI), said a press release on Wednesday.

Commercial Counselor of Vietnam Nguyen Hong Tien, Acting President KCCI Arshad Islam, Vice President KCCI Shahid Ismail, Chairman of KCCI's Sub-Committee for Liaison with Diplomatic Missions, Shamoon Zaki, Chairman Fairs, Exhibitions and Trade Delegations Subcommittee Haroon Qaiser, Managing Committee members and others were also present.

Do Quoc Hung said the very low bilateral trade volume could certainly be improved as both countries have many advantages and potentials. Vietnamese government is keen to improve trade and investment cooperation with Pakistan, he said.

Highlighting some of the advantages and potential for developing trade and investment cooperation, Deputy DG of Vietnam's Ministry of Industry and Trade said Vietnam and Pakistan have been enjoying very good political and friendly relations while the two countries are huge markets as Vietnam's population is roughly 100 million.

While, he continued, Pakistan's population is double than that of Vietnam's ; hence there is a great demand for numerous commodities on both sides.

"Moreover, Pakistan's business community can consider Vietnam as gateway to ASEAN (Association of South East Asian Nations) region and can also benefit from the free trade agreements which have been signed by Vietnam with many countries around the world", he added.

He said that Vietnamese government was keen to develop trade and investment cooperation with Pakistan.

This trade delegation comprised of manufacturers and suppliers of spices, health supplement, herbal drinks, rice, wheat, coffee, animal feed, frozen seafood, confectionery and beverage, biological products, agricultural products and frozen seafood etc.

Vietnamese Deputy DG said that Karachi Chamber with a strong membership base of 23,000 direct and more than 55,000 indirect members was the right platform which could bridge and connect the business communities of the two countries.

He hoped that today's business-to-business event organized by KCCI would pave way and would present good opportunity to Vietnamese companies to get connected with Pakistan companies.

He also requested Karachi Chamber to arrange a similar delegation to Vietnam next year which will be fully assisted and facilitated by the Vietnamese Government.

Earlier, Acting President KCCI Arshad Islam pointed out that during 2018 Pakistan exported goods to Vietnam worth $282.25 million and the imports from Vietnam stood at $412.37 million which was way too low as compared to the potential.

Hence, the business communities would have to enhance linkages to improve the meager trade volume between the two countries.

He emphasized the need for seeking Vietnam's help in accessing economic communities of ASEAN for greater market share and that Vietnamese investors could invest in energy, electricity, textile material, vehicle component and agricultural goods processing units.?Reuters