LCCI visited: Vietnam envoy urges need to bolster mutual trade relations

LAHORE: In a recent meeting at the Lahore Chamber of Commerce and Industry (LCCI), Ambassador of Vietnam, Nguyen Tien Phong, underscored the importance of leveraging the strengths of Vietnam and Pakistan to bolster mutual trade relations.

Highlighting the vast potential for collaboration, Ambassador Phong pointed out that Pakistan could tap into opportunities stemming from Vietnam's Free Trade Agreements (FTAs) with several key economies, including the EU, USA, UK, Australia, New Zealand, Japan, and South Korea. Conversely, Vietnam stands to benefit from Pakistan's Generalized System of Preferences (GSP) Plus Status.

During discussions with LCCI President Kashif Anwar and other Executive Committee Members, Ambassador Phong emphasized the significance of fostering business-to-business and people-to-people contacts. He stressed the importance of measures such as E-visas to facilitate business activities and identified sectors ripe for collaboration, including tourism, textiles, information technology (IT), and agriculture.

In the textile sector, for instance, Ambassador Phong highlighted Vietnam's imports of yarn and cotton from Pakistan, which are then transformed into garments and exported to various markets. He suggested potential collaborations in IT, citing Pakistan's robust IT labor force and Vietnam's existing affiliations with countries like Japan, India, and South Korea.

Moreover, Ambassador Phong pointed to agriculture as a sector ripe for cooperation, citing Vietnam's transformation from a food-insecure nation to the world's third-largest rice exporter. He also identified potential areas such as Halal food, seafood, fish farming, and more.

Echoing Ambassador Phong's sentiments, LCCI President Kashif Anwar emphasized the longstanding diplomatic relations between Vietnam and Pakistan, dating back over 50 years. He commended Vietnam's economic progress and expressed a desire for Pakistan to learn from its economic model.

Anwar noted the trade statistics between the two countries, highlighting a decline in exports and imports in recent years. He stressed the need to increase bilateral trade volume, suggesting avenues such as better market access, diversification of exports, and exploration of new sectors like seafood, processed meat, pharmaceuticals, and tourism.

Anwar proposed exploring the possibility of a Free Trade Agreement between Pakistan and Vietnam to facilitate enhanced market access for businesses in both countries. He also mentioned the establishment of the Special Investment Facilitation Council (SIFC) in Pakistan and hoped to attract investors from Vietnam to explore investment opportunities in sectors such as defense, agriculture, minerals, IT/telecommunication, and energy.

In concluding remarks, Anwar recommended measures such as increasing the frequency of direct flights, strengthening banking channels, organizing trade delegations, and hosting single-country exhibitions to stimulate mutual trade relations. He emphasized the pivotal role of commercial sections of diplomatic missions in disseminating market information and fostering greater awareness of each other's markets among business communities.

Copyright Business Recorder, 2024