Nguyen Tien Phong, Vietnam’s ambassador to Pakistan, expressed hope on Thursday that the annual trade volume between Pakistan and Vietnam will likely reach $1 billion by the end of 2023.
According to him, the current annual trade volume between Pakistan and Vietnam is $800 million, which he believes can easily be increased to $1 billion by the end of next year.
This was stated by the envoy during a roundtable discussion on “Vietnam-Pakistan economic and trade ties to realise future prospects,” which was hosted by the Center of Pakistan and International Relations (COPAIR).
The two countries have extensive economic and commercial cooperation in the textile, leather, surgical, fabric, and tourism sectors, according to the ambassador.
He claimed that Vietnam imports billions of dollars in fabrics, while Pakistan exports very little to Vietnam in this sector.
Similarly, Vietnam imports $479 million in surgical equipment, while Pakistan has no presence. According to Phong, there are also numerous opportunities for tourism trade cooperation between Vietnam and Pakistan.
He stated that Vietnam imports a wide range of goods, including cotton yarn, medicines, surgical instruments, leather products, fabrics, chemicals, meat and mutton products, pet food, and fertilisers, and that Pakistan should increase its exports of these goods to Vietnam in order to increase bilateral trade to more than $1 billion.
He also stated that Pakistan has a talented workforce in the IT and software fields, and that Vietnam has a high demand for these professionals, and that Pakistan can increase its IT manpower exports to Vietnam.
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