Ambassador of Vietnam Pham Hoang Kim has said that trade boost is highly linked to exchange of trade delegation therefore private sectors of the two countries should focus this particular area.
The Ambassador was speaking at the Lahore Chamber of Commerce and Industry (LCCI) here Monday. He said that exchange of business delegations is must to explore each other's market. There should be interaction between chambers of commerce of both countries. Pakistan and Vietnam have strong diplomatic relations, he said. He said that entrepreneurs from both sides should have B2B meetings to strengthen mutual trade relations.
About getting business visas of Vietnam, the Ambassador said that there must be an invitation or immigration proposal given by business partner from Vietnam. He said that the Lahore Chamber of Commerce & Industry and the Vietnam Chamber of Commerce & Industry should join hands to arrange trade delegations and promote business activities between the both countries.
LCCI Vice President Mian Zahid Jawaid Ahmad said that Pakistan threw light on investment opportunities in special economic zones under the China-Pak Economic Corridor (CPEC) in Special Economic zones. "It is encouraging to note that in the span of 10 years, Vietnam has become important trading partner of Pakistan, he said.
Among the major importing and exporting countries for Pakistan, Vietnam comes at 27th and 18th places" he said and added that the balance of trade is in favour of Vietnam whereas in 2018 the value of trade deficit stood at US $69 million. From 2017 to 2018, the bilateral trade came down from $717 million to $633 million. It was due to 24 percent decrease in imports from Vietnam. However, Pakistan's exports remained almost unchanged to $282 million, he said.
Pakistan exports to Vietnam comprise frozen fish, woven fabrics of cotton, oilcake, leather oil seeds and frozen meat etc., whereas the imports from Vietnam are electrical equipment including wireless networks, dried vegetables, tea, man-made filaments and frozen seafood, he said. He said that regular exchange of trade related information between two countries can prove vital in enhancing trade volume to initially one billion dollar.
The respective commercial sections of our missions have got to play key role in this connection. In addition to that the respective private sectors of both the countries should also come forward. By exchanging trade delegations and organizing single country exhibitions in each other's countries, we can explore the hidden trade potential, he said.
Jawaid said that the economic development achieved by Vietnam in last 10 year is a perfect case study for Pakistan. In 2009, the volume of total trade of Vietnam was to the tune of $127 billion that expanded to $480 billion in 2018. We are keen to know about the economic policies implemented by Vietnam that produced such a wonderful result, he said.