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Dinh Vu


Last updated: Wednesday, May 23, 2018


Vietnam-Pakistan: Towards US$1 Billion Trade Value

Posted: Saturday, April 29, 2017

Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong recently received a business delegation led by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on its working visit to VCCI in Hanoi. This was the second visit of a Pakistan trade delegation to Vietnam to further promote bilateral economic and commercial relations.
The delegation consisted of 22 members engaged in chemicals, petrochemicals, automobile parts, construction materials, ceramics, sanitary ware, leather and footwear, finance, furniture, nonwoven fabrics, road linings, mats, international shipping and logistics, raw cotton, rice, food, agricultural products, cement, garment, industrial equipment, machinery, diapers, paving tiles, steel, fashion, cosmetics and pharmaceuticals.
FPCCI Vice President Muhammad Ghazanfar Ali Khan said that Pakistan - Vietnam relations have great cooperation potential and opportunities, but bilateral trade and investment performance is still below potential. At present, Pakistan is exporting a choice of goods to Vietnam, but it remains modest in the opposite direction. He attributed the underperformance to lack of information and direct flights between the two countries. Pakistan expects the two countries to consider opening direct flights to facilitate travel and expand cooperation opportunities.
He added that, with a population of 200 million people, Pakistan is a big consumer market and provides a potential opportunity for Vietnamese enterprises. The Pakistani Government will offer many incentives to Vietnamese businesses. “We have a lot of support for businesses investing in Pakistan, especially policies that facilitate foreign businesses. In some industries, we are committed to reducing import tariffs to 0 per cent in order to incentivise investment,” Muhammad Ghazanfar Ali Khan stressed.
VCCI Vice President Hoang Quang Phong pledged to convey investment opportunities to the Vietnamese business community. At the same time, as a bridge between businesses and the government, VCCI will also send this information to Vietnamese ministries such as the Ministry of Industry and Trade, the Ministry of Science and Technology and the Ministry of Information and Communications to serve policymaking aimed at boosting the two-way trade.
He added that Vietnam has a large market of more than 93 million people and has strong economic and trade relations with ASEAN, Japan, South Korea and other countries. Pakistani companies are seeing the chance to increase their investment into potential Vietnam. In addition, the Government of Vietnam as well as VCCI is always ready to support and facilitate foreign businesses to invest in Vietnam and co-organise seminars and fairs to showcase their products in a bid to introduce foreign products to Vietnamese people and companies.
“Pakistani businesses can boost exports to the Vietnamese market in new fields, such as science and technology, service and mining, at which Pakistan is very strong for Vietnamese partners to learn and cooperate. They will attract investment capital for manufacturing and diversification of traditional products such as agricultural products like tea, pottery and high-tech products,” Phong said.
He expected that Pakistani and Vietnamese companies will have extensive studies and put forth specific recommendations on future cooperation in order to boost bilateral trade, expected to reach US$1 billion in the coming time.
To effectively boost investment cooperation between the two countries, according to the VCCI Vice President, Pakistan necessarily introduces in detail its investment and business environment and conditions to Vietnamese enterprises to draw their investment capital to Pakistan.
Pakistan established Pakistan - Vietnam Business Council. And, VCCI will propose setting up Vietnam - Pakistan Business Council in order to help businesses in the two countries with more information on investment cooperation opportunities. VCCI will also organise a business delegation to explore investment and business environment in Pakistan.
Giang Tu

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