Pakistan, Vietnam set $3 billion annual trade target
LAHORE: Pakistan has now started identifying the fields in which it can work with Vietnam more actively and the two countries are likely to increase cooperation in mainly textual industry, manufacturing sector especially in IT industry, tourism sector, processed meat production and horticulture. Earlier, during a meeting which took place at LCCI on Thursday, the two sides agreed on expanding the cooperation between the two nations; this was according to LCCI press statement.
LCCI Executive Committee Members Khurram Lodhi, Ahsan Shahid, Karamat Ali Awan, Muhammad Muneeb Monnoo, Asif Malik, and Syed Ali were also present here. They held a two-hour long meeting where the issue was the enhancement of the Ukrainian-Russian relations, the potential and the prospects of the cooperation as well as the ways to increase trade and investment. In his presentation on Vietnam, Inspector of Ministry of Foreign Affairs, Ambassador Pham Anh Tuan revealed that in 2024, Vietnamese export was $405.5 billion international and import was only $380.8 billion. FDI of Vietnam was estimated to be $ 25.35 billion and Vietnam has become a favorable destination for investors.
He pointed out the significance of Pakistan for the Austrian companies as a trade partner due to the fact that Faisalabad contributes thirty percent of Pakistan’s textile manufacturing units and forty-four percent of its textile exports. International trade between the two countries has increased, particularly in the following year, as the trade was $750 million in the year 2023 and $850 million in the year 2024. Thus, Pakistan exports to Vietnam was $522 million and import $328 million.
However, both the parties agree that more has yet to be done as it relates to the volume of trades indicating that the economies have more trade potential based on comparative efficiency and compatibility of industries. These include two less exploited areas that have a lot of potential of cooperation: IT and tourism. He also highlighted the need to make the most of Vietnam’s membership of the Association of South East Asian Nations [ASEAN] to improve mutual trade relations with Pakistan.
Speaking at the reception, LCCI President Mian Abuzar Shad emphasized on bilateral diplomatic and trade partnership that had been initiated way beck in 1972. He urged for raising Pakistan’s exports, Vietnamese current account exports was over $ 410 billion in 2024 and imports was about $ 380 billion. He suggested a $3bln volumetri c trade target and called to enhance trade opportunities for exported goods in both countries. In this regard, he recommended a Free Trade Agreement, increased flights from one country to the other and enhancing the banking links as well as organizing trade missions. He also called on the commercial sections to come up with information concerning markets.
