ISLAMABAD ( WNAM REPORT ): The Ambassador of Vietnam to Pakistan, Pham Anh Tuan, expressed optimism about the growing bilateral trade between Pakistan and Vietnam. He stated that the trade volume is likely to reach $1 billion soon, underscoring the solid foundation for achieving an ambitious target of $10 billion in bilateral trade in the coming years. The Prime Ministers of both countries have agreed on this target, recognizing the immense potential for deeper economic integration with a combined market of 350 million people.
Vietnam’s global trade volume currently stands at $800 billion with aspirations to reach $1 trillion, presenting extraordinary opportunities for Pakistani exporters. The Ambassador noted the remarkable progress in bilateral trade, which reached approximately $850 million in 2024. Pakistan’s key exports to Vietnam include cereals, cotton, raw hides and leather, meat products, and pharmaceutical products. Vietnam’s main exports to Pakistan include electrical and electronic equipment, coffee, tea and spices, and man-made filaments.
Both countries have identified priority sectors for cooperation, including textiles, agriculture, pharmaceuticals, information technology, and energy. Vietnam has expressed particular interest in increasing imports of Pakistani rice, textiles and leather products, while welcoming Pakistani investment in Vietnam’s manufacturing and technology sectors. The complementary nature of the economies offers immense potential for growth.
The 5th Meeting of the Pakistan-Vietnam Joint Trade Committee held in Hanoi marked a pivotal achievement in bilateral relations. Both sides agreed to initiate negotiations on a Pakistan-Vietnam Preferential Trade Agreement (PTA) within 2025. This represents a crucial step forward in formalizing the trade relationship and reducing barriers to commerce between the nations. The partnership envisions sustained growth in bilateral trade, enhanced investment flows, technology transfer, and collaborative industrial development.
