Daily Times

Nguyen Tien Phong, the Ambassador of Vietnam, has urged Pakistan and Vietnam to hasten the process of signing a Preferential Trade Agreement (PTA).

“There were also discussions on establishing a free trade agreement (FTA) between the two countries, but the priority must be given to completing the PTA first. As he noted during a discussion at a meeting held at the Karachi Chamber of Commerce and Industry during his visit, “Of course, relevant meetings of joint trade committee and joint ministerial committee were held, but then some of them were postponed due to COVID-19 which does not mean we delay the process” (KCCI).

Vietnam’s trade and investment envoy emphasised that Pakistan and Vietnam are both amazing countries, with four distinct seasons, a large population, a large natural resource base, and a young labour force, all of which create a wealth of opportunities for the two countries.

It’s time to look at ways to boost trade and investment, both of which have been stagnant for some time. Instead, then merely speculating, we need to get down to business. To improve trade and investment relations between the two countries, the business associations in both countries need to stand up to the plate, identify issues, raise awareness, and take concrete steps.

During this year, Pakistan and Vietnam will mark 50 years of diplomatic ties, and the two countries are planning several events to mark the occasion, but in addition to the celebrations, they must work together more effectively to further promote and strengthen the existing trade and investment ties between the two countries, he said.

Viet Cong envoy: “As brothers and friends, we help each other in many ways, but the trade and investment have not yet met its potential that requires common efforts.” “We need to understand each other, our customs, and the way we do business in order to establish a mutually beneficial and win-win situation,” he continued.

Because of its liberalisation and integration into the global economic system, Vietnam has established an open-door policy.

Despite the Covid-19 pandemic, Vietnam’s GDP grew by 2.9% in 2020-21, with exports totaling $336.5 billion and imports totaling $332.5 billion, resulting in a $4 billion surplus.

According to a statement by the Chinese Foreign Ministry: “We have FTAs in place with 17 nations ranging from the European Union to Japan, the United States to China, and more than 145 other countries and territories.”

As a result, Karachi’s business sector needs to find ways to balance Pakistan-Vietnam commerce, according to him.

KCCI will help arrange any agreement between KCCI and any other Vietnamese CCI that goes beyond signing.

According to President KCCI Muhammad Idrees’ speech to the Vietnamese Ambassador, despite a worldwide breakout of the Covid-19 epidemic, Vietnam’s GDP is expected to grow by 2.9% in 2020, according to the International Monetary Fund (IMF). Vietnam’s GDP may drop to 2.6% in 2021, while the World Bank predicts it will rise to 5.5% in 2022.

In order to address some of Pakistan’s difficulties and move the country toward a more efficient industrial and manufacturing-based economy, Pakistan’s government should study Vietnam, he said.

He stated that the current volume of trade between Pakistan and Vietnam was below the true potential, as Pakistan exported goods worth $136.67 million in 2020 while Vietnam imported $437.95 million, which needed to be improved through collective efforts as there was a lot of untapped potential in a number of commodities including synthetic organic dyes, iron or steel casing and tubing, Polystyrene, cuttlefish and squid, cotton woven fabrics, Medicare. He said. Shrimp farming and processing joint ventures are excellent places to work together in the seafood industry.

Additionally, Vietnamese businessmen can invest in energy, power, textiles and automotive components as well as agricultural goods processing facilities.” Hydropower generation is an area in which Vietnam possesses considerable knowledge and with which it may work in conjunction with Pakistan. He urged Vietnamese investors to visit Pakistan to seek joint ventures and investment opportunities in the CPEC, saying that Vietnam could assist Pakistan’s agriculture industry to grow and prosper.

President KCCI also welcomed the Vietnamese business community to participate in the My Karachi Exhibition, which KCCI has been sponsoring for the past 16 years, stressing the importance of exchanging delegations in order to increase bilateral interaction.

The Karachi Expo Center will host this massive event from the 11th through the 13th of February, 2022.

In attendance was the first secretary of Vietnam’s Embassy Thai Duc Khai, the head of the Vietnam Trade Office Ms Nguyen Thi Diep Ha and the SVP Abdul Rehman Naqi, vice president Qazi Zahid Husain, chairman of the Diplomatic Mission and Embassies Liaison Sub Committee Zia ul Arfeen, former president Majyd Aziz, and other KCCI Managing Committee Members.