KARACHI
\nHead of Vietnam Trade Mission Ms. Nguyen Thi Diep Ha has said that Pakistan and Vietnam have been maintaining good business and trade relations as the trade volume, which stood at US$54 million in 2005, improved to $794 million in 2021 and it will very soon cross the level of US$1 billion despite the fact that both countries were hit hard by unprecedented COVID-19 pandemic.
\nExchange views on how to promote cooperation for the mutual benefits and promoting friendship between Vietnam and Pakistan at a meeting during her visit to Karachi Chamber of Commerce and Industry (KCCI), she said that a lot of potential and opportunities were available for improving Pakistan\u2019s exports to Vietnam which was less than 1 percent of Vietnam\u2019s total imports.
\n\u201cVietnam imports US$1.7 billion worth leather, of which Pakistan\u2019s export share was just 1.5 percent. Similarly, Vietnam imports pharmaceutical products of around US$3.3 billion but Pakistan\u2019s export share was 0.25 percent only while the stainless-steel surgical products worth US$638 million are also being imported by my country but Pakistan\u2019s export of these items is hardly 0.18 percent\u201d, she added.
\nPresident KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar, Chairman Diplomatic Missions & Embassies Liaison Subcommittee Zia ul Arfeen, Former President Majyd Aziz and KCCI Managing Committee Members were also present at the meeting.
\nIn order to materialize the potential and opportunities between the two countries, Head of Vietnam Trade Mission asked Karachi Chamber to send a high-ranking business delegation to Vietnam so that they could meet Vietnamese government officials and also the leaders of business organizations to explore ways and means for promoting trade between Pakistan and Vietnam. \u201cSecondly, KCCI must also look into the possibility of sending sellers\u2019\/ buyers\u2019 delegation to Vietnam for participation or visit to trade fairs and exhibitions in Vietnam. Our Vietnam Trade Office in Karachi has also been regularly participating in My Karachi International Exhibition and wishes to continue to participate in this event in future as well\u201d, she added while appreciating KCCI Office Bearers, Managing Committee Members and KCCI Members for the great valuable support and hospitality being extended to Vietnam Trade Office in Karachi since 2005.
\nHighlighting Vietnam\u2019s economic performance and international trade, she stated that despite being hit hard by COVID-19 pandemic, GDP growth rate, although, for the first time in the last 30 years, went down by 2.58 percent in 2021 but Vietnam\u2019s economy has remained stable and Vietnam\u2019s international trade in 2021 stood at US$689 billion, of which goods worth nearly US$400 billion were exported from Vietnam while the imports stood at around US$300 billion.
\nShe informed that the inflow of Foreign Direct Investment into Vietnam was US$20 billion in 2021 and the major investor countries included South Korea, Malaysia, Japan, British Virgin Islands, United Kingdom and Taiwan who have invested in energy, real estate, automotive and telecommunication sectors etc. \u201cPakistani investors have also invested in Vietnam in textile, medical and healthcare sectors with an investment size of US$33 million and ranking Pakistan on 48th position, out of 149 countries\/ territories investing in Vietnam.\u201d
\nEarlier, President KCCI Mohammed Tariq Yousuf, while warmly welcoming Vietnamese Head of Trade Mission, stated that Vietnam and Pakistan have been enjoying excellent trade, tourism, people-to-people and business-to-business relations along with deep economic ties. He noted that Pakistan\u2019s exports to Vietnam stood at $261.24 million in FY22 and imports from Vietnam grew to $577.93 million. \u201cDespite sizeable growth in export and imports as compared to preceding year, the trade volume is still low which needs to be enhanced as both countries have immense potential to fully exploit the trade and growth prospects.\u201d
\nPresident KCCI further noted that Pakistan\u2019s textile sector has also crossed exports US$19 billion mark in FY22 in terms of exports which is more than 60 percent of the country\u2019s total exports of $32 billion and has posted a growth of 25 percent compared to last year. However, Pakistan\u2019s participation in Global Value Chains (GVC) is low despite huge potential for growth therefore, Pakistan can learn from Vietnam\u2019s knowledge & experience in creating GVC linkages in textile & other sectors so that a similar presence in the global production and supply networks like Vietnam could be established for boosting trade.
\nHe said that Small & Medium Business enterprises (SMEs) were the backbone of Pakistan\u2019s economy & this sector has tremendous vibrancy and resilience despite economic issues. It offers unprecedented growth potential for Vietnam\u2019s businessmen so they may look into investment opportunities and joint ventures in seafood, paper & board, pharmaceutical and home appliances, surgical instruments, Denim and other areas of mutual interest.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Head of Vietnam Trade Mission Ms. Nguyen Thi Diep Ha has said that Pakistan and Vietnam have been maintaining good business and trade relations as the trade volume, which stood at US$54 million in 2005, improved to $794 million in 2021 and it will very soon cross the level of US$1 billion despite the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-298910","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n