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Dinh Vu

Int'l Cooperation

Last updated: Wednesday, September 19, 2018


Vietnam, Turkey Strengthening Cooperation

Posted: Wednesday, July 26, 2017

Turkey is one of Vietnam's largest trading partners in the Middle East. Despite the difficulties caused by the world economic crisis, bilateral trade has restored growth momentum. According to the General Department of Vietnam Customs, trade turnover between the two countries in the first five months of 2017 reached US$724.6 million, of which Vietnam exported US$634.9 million.

The main export items of Vietnam to Turkey include mobile phones, textile fibres, computers, electronic products and components, rubber, machinery and equipment, steel products , textiles, cashew nuts, pepper, wood and wood products, fabrics, seafood, footwear and handicrafts.

In terms of trade, the current two-way trade turnover of about US$1.5 billion per year is still not commensurate with the potential of each country. The two sides have agreed to raise two-way trade to US$4 billion by 2020. The Turkish side has proposed initiating the negotiation of a bilateral FTA; while the Vietnamese side has urged Turkey to recognise Vietnam as a market economy and to restrict the application of trade remedies to Vietnamese exports.

In industry, the two sides have agreed to expand cooperation to support of small and medium enterprises. Accordingly, the Agency for Regional Industry Development under the Ministry of Industry and Trade of Vietnam and the Turkish Agency for Small and Medium Enterprises (KOSGEB) signed an Action Plan at the seventh meeting of the Vietnam-Turkey Joint Committee to further promote cooperation among small and medium enterprises between the two sides.

On investment, Vietnam and Turkey have agreed on the Memorandum of Cooperation in the fields of management of economic zones, industrial zones and export processing zones between the Vietnam Ministry of Planning and Investment and the Turkey Ministry of Economy, facilitating cooperation activities in the field of investment between the two countries. On customs, the two sides have agreed to finalise the Memorandum of Cooperation in the customs sector between the Vietnam Ministry of Finance and the Turkey Ministry of Trade and Customs. On the quality standards, the two sides also agreed on the contents of the cooperation agreement between the Directorate for Standards, Metrology and Quality of Vietnam (STAMEQ) and the Turkish Institute of Standards. These are important legal frameworks for trade and business exchange between the two countries.

Some areas of cooperation have also begun to flourish, such as statistics, science and technology, labour, education and training, culture, tourism, health, natural resources and the environment. The party is actively finalising and agreeing on contents to soon conclude cooperation agreements in these areas among specialised agencies of the two countries in the coming time. In addition, the two sides also agreed to expand cooperation in other areas such as energy, food processing, construction, machinery and equipment.

In recent years, economic and trade relations between Vietnam and Turkey have developed well. The two sides have signed the Air Transport Agreement, the Shipping Agreement and the Double Taxation Avoidance Agreement. Turkish Airlines has opened direct passenger and cargo routes to Vietnam (Ho Chi Minh City and Hanoi), increasing the weekly capacity of passenger and cargo flights and expanding routes in Vietnam. These are important legal and operational frameworks, facilitating business and investment, the movement of merchants, and the transport of goods between the two countries.

Huong Ly

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