FAISALABAD, Feb 26 (DNA): Vietnam has shown an impressive growth in the industrial, agriculture and services sectors which is the outcome of its broad-based economic transformation strategy.
This was said by Ambassador of Vietnam to Pakistan Mr Pham Anh Tuan while addressing the business community in the Faisalabad Chamber of Commerce & Industry (FCCI) on Wednesday.
He said that Pakistan is a big country with a lot of potential in the textile sector as statistically Faisalabad accounts for 30% of Pakistan’s textile production and 44% of its textile exports.
He mentioned that in 2024, Vietnam’s global exported surpassed $405.5bn while its imports were $380.8bn. He said that foreign direct investment in Vietnam during 2024 was estimated at $25.35bn. He said that Vietnam had signed agreements with 34 countries, including nine comprehensive strategic partners, 11 strategic partners and 14 comprehensive partners in addition to signing 19 FTA with various countries.
About data and statistics of trade between Vietnam and Pakistan, he said that in 2023 bilateral trade between Pakistan and Vietnam was around $750million. “In 2024 total import and export turnover reached over $850million”, he said and added that exports reached $522million while imports were $328million.
He said that Pakistan’s main exports to Vietnam consist of corn, woven fabrics of cotton and leather while on the other hand Pakistan’s imports from Vietnam include electronic equipment, yarn, rubber and tea etc.
He said that potential sectors where Pakistan could further enhance its exports to Vietnam include processed meat, pharmaceutical products, fruits and vegetables.
He said that there was tremendous room for collaboration in the information technology and tourism sectors. He said that there is a need to find new avenues of trade between Pakistan and Vietnam because Vietnam being an active member of ASEAN, holds great importance for Pakistan.
He suggested that a Memorandum of Cooperation between the FCCI and Vietnam Cotton and Spinning Association should be initiated to forge relationships between the business communities of the two countries.
Earlier, FCCI President Rehan Naseem Bharara underlined the economic importance of Faisalabad in the national economy and said:” We must collaborate to maintain a strategic balance between bilateral trades”.
He also stressed the need to further enhance relations with Vietnam in the field of tourism promotion.
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