Islamabad Chamber of Commerce and Industry (ICCI) President Ahsan Zafar Bakhtawari suggested sector-to-sector talks to increase trade between Pakistan and Vietnam – a Southeast Asian nation with over 100 million population, making it the world’s fifteenth-most populous country.
In a media talk, the Islamabad Chamber president said that the business community and traders already declared Vietnam as Pakistan’s major trading partner in the near future. He said that more economic ties will be established after bilateral trade increases up to one billion dollars. He also said that there was a strong possibility of increasing the volume of mutual trade after finalization of the Preferential Trade Agreement (PTA) between Islamabad and Hanoi.
The president said that effort would be made to increase mutual economic and trade relations with full potential between Pakistan and Vietnam, which could be taken forward with the cooperation of the business communities of both the sides. It is pertinent to mention here that Vietnam permits 100% foreign ownership of a business for most sectors. Among 190 economies, Vietnam ranked number 70, according to the World Bank’s Doing Business 2020 report.
Ambassador Nguyen Tien Phong sees Vietnam-EU Free Trade Agreement and GSP-Plus as key for increasing bilateral trade
Vietnam Ambassador to Pakistan Nguyen Tien Phong said that bilateral trade between Pakistan and Vietnam would reach one billion dollars during the fiscal year 2023-24. He said that the bilateral trade could be increase further, but there was the need for a mechanism to resolve disputes in advance. He said that the two countries could take advantage of the Vietnam-European Union Free Trade Agreement and Pakistan-European Union (GSP- Plus), which were very important for increasing bilateral trade.
In the year 2021, he said that the mutual trade between Pakistan and Vietnam was $790 million and $940 million in 2022, and was expected to reach one billion dollars in the ongoing financial year. He said that there was a need for a dynamic partnership which would resolve trade disputes in advance by emphasizing on mutual benefit and making quick decisions. He urged the public and private sector to come closer, and said the role of business associations as well as the media was key to create awareness about each other’s markets.
In a statement, Faisalabad Chamber of Commerce and Industry President Dr Khurram Tariq emphasized that trade agreements must be strictly implemented. “We need mutual cooperation at the sectoral level and along with this; the public and private sectors should play their full role for resolving trade disputes,” he said. Karachi Chamber of Commerce President Iftikhar Ahmad Sheikh stressed on solving the trade disputes to increase the mutual trade and asked for creation of a mechanism for implementation of to resolve the issues.