Vietnamese Envoy Sees Pakistan-Vietnam Trade Reaching $1 Billion, Eyes $10 Billion in Long Term

ISLAMABAD ( WNAM REPORT ) : Pakistan Vietnam is working on the Preferential or Free trade agreement that will help both countries to achieve the first milestone on bilateral trade at $1 Billion envisioned by Prime Minister Pham Minh Chinh and Prime Minister Shehbaz Sharif who met at sidelines of the 8th Future Investment Initiative (FII) Summit in Saudi Arabia in October 2024.
This has been shared by Ambassador of Vietnam H.E Mr. Pham Anh Tuan in an interview on the 80th Anniversary of the National Day of his country being celebrated on 02 Sep 2025. He said that the next bilateral trade target is $10 Billion.
Federal Minister  Commerce, Jam Kamal Khan visited Vietnam (July 9–12, 2025)—marking the first high-level Pakistani ministerial visit in 15 years. The 5th Meeting of  Joint Trade Committee (JTC) was convened today in Hanoi, reactivating this institutional forum after a hiatus of eight years.On 11 July 2025, Deputy Prime Minister / Foreign Minister, Senator Mohammad Ishaq Dar  met with Bui Thanh Son DPM/FM of Vietnam on the sidelines of the 32nd #ARF in Kuala Lumpur.
Ambassador said, In 2024, two-way trade reached approximately 850 million USD, up over 20% from 2023, with great potential for further development in various sectors-from industrial, agricultural, chemical, and pharmaceutical products to high-tech cooperation in electronics and information technology.
Vietnam is proud of its impressive economic achievements in recent years. In 2024, Vietnam’s GDP growth reached 7.09%, surpassing its target of 6-6.5%. The economy’s size reached 476.3 billion USD, with a per capita GDP of 4,700 USD, reflecting an increase of 377 USD from 2023.
Bilateral trade has seen encouraging growth, rising from 514 million USD in 2021 to 850 million USD in 2024. Notably, in the first half of 2025, trade volume reached 402 million USD, a 28% increase over the same period last year.
“Measures to promote cooperation include negotiating and signing a Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA) between the two countries. To achieve this, it is necessary to increase working-level visits, exchange delegations-especially business delegations-organize trade fairs, and move towards opening direct flights to boost trade and tourism, he shared.
In addition to economic cooperation, people-to-people relations between the two countries have also left many positive impressions, such as recent exchanges on Buddhist studies, photo exhibitions on Pakistan in Vietnam, and Vietnamese fashion shows in Pakistan.
Mr.Pham Anh Tuan also mentioned, recently, the Vietnamese Embassy in Islamabad and the Pakistani Embassy in Hanoi signed a memorandum of understanding to jointly promote bilateral relations in all fields, including enhancing delegation exchanges-especially at high levels-coordinating the implementation of signed agreements.
“Over 53 years, our friendship has blossomed on a foundation of mutual respect, understanding, and trust in multi-faceted factors such as politics, economic cooperation, trading relations, cultural and people-to-people exchanges. We also share a common interest in developing our countries and integrating into the regions and the world for the benefit of our people, Ambassador noted.