AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: Ambassador of the Socialist Republic of Vietnam, Mr. Pham Anh Tuan, has expressed Vietnam’s keen interest in boosting trade and economic relations with Pakistan, with bilateral trade between the two countries approaching the US$1 billion mark.
During his first official visit to the Karachi Chamber of Commerce & Industry (KCCI), Ambassador Tuan noted that the current trade volume stands at approximately US$850 million. With concerted efforts, both countries aim to achieve or surpass the US$1 billion target by the end of this year or next year.
The meeting was attended by various officials, including the Head of Vietnam Trade Mission Ms. Nguyen Thi Diep Ha and senior members of the KCCI.
Ambassador Tuan emphasized the importance of strengthening institutional linkages and fostering economic engagement to explore new opportunities for trade and investment. He highlighted the need for regular exchange of business delegations and active participation in trade fairs to showcase products to wider audiences.
He expressed confidence in the cooperation with KCCI’s leadership and Karachi’s business community, referring to commitments made by the Prime Ministers of both countries during a meeting in Saudi Arabia last year.
Reflecting on his experience in Pakistan, Ambassador Tuan, who assumed charge at the Embassy ten months ago, lauded the dynamism of Pakistan’s business community. He has visited several chambers, including those in Lahore, Faisalabad, Rawalpindi, Islamabad, and Karachi.
Vietnam and Pakistan, celebrating 53 years of diplomatic relations, have seen steady growth in relations since the first Pakistani head of state visited Vietnam in 2003, followed by a state visit by Vietnam’s president to Pakistan in 2004.
Promoting closer people-to-people contact and fostering business cooperation remains a priority for the Vietnamese Embassy. The consistent growth in bilateral trade signals untapped potential for further expansion.
Senior Vice President KCCI, Zia ul Arfeen, called for intensified efforts to unlock the vast untapped potential in bilateral trade and economic cooperation.
Arfeen highlighted that in FY24, Pakistan’s exports to Vietnam stood at approximately US$356 million, with imports from Vietnam around US$285 million, resulting in a trade surplus for Pakistan. He proposed that Pakistan’s local industries could benefit from Vietnam’s industrial modernization, technological advancement, and efficient value chains.
Potential sectors for collaboration include IT, minerals, seafood, and tourism. Vietnam’s success as a seafood exporter presents opportunities for joint ventures with Pakistan to enhance export capabilities.
Highlighting Pakistan’s key export products, Arfeen stressed the importance of expanding market reach beyond traditional destinations. Strengthening ties with Vietnam could serve as a gateway into the broader ASEAN region, a market worth $4 trillion.