Vietnam sees trade rising to $1 billion next year

Vietnam sees trade rising to $1 billion next year

On Thursday, Vietnam Ambassador Nguyen Tien Phong expressed optimism that annual trade with Pakistan would reach $1 billion by the end of 2023.

He stated that the current trade volume was $800 million, which he believes could easily be increased to $1 billion by the end of next year by focusing on the potential sectors.

The ambassador was speaking at a roundtable discussion hosted by the Centre of Pakistan and International Relations on “Vietnam-Pakistan Economic and Trade Ties to Realize Prospects.”

The envoy emphasized that the two countries were collaborating extensively in the textile, leather, surgical, fabrics, and tourism sectors.

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He noted that Vietnam was importing a wide range of products, including cotton yarn, medicines, surgical instruments, leather products, fabrics, chemicals, meat and mutton products, pet food, and fertilizer, providing Pakistan with an opportunity to boost exports and push bilateral trade above $1 billion.

“Pakistan also has a talented workforce in the IT and software field, and Vietnam has a high demand for these professionals, so Pakistan can increase its export of IT manpower to Vietnam,” the ambassador said. Diplomatic relations between Pakistan and Vietnam were reestablished in 1972, when both countries were facing a crisis, and they strengthened bilateral ties by promoting mutual trust during that time.

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