Pakistan-Vietnam trade volume to cross US$1B
Pakistan-Vietnam trade volume to cross US$1B: Nguyen Thi
Karachi, The Gulf Observer: 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 fact that both countries were hit hard by unprecedented COVID-19 pandemic.
Speaking 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’s exports to Vietnam which was less than 1 percent of Vietnam’s total imports. “Vietnam imports US$1.7 billion worth leather, of which Pakistan’s export share was just 1.5 percent.
Similarly, Vietnam imports pharmaceutical products of around US$3.3 billion but Pakistan’s 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’s export of these items is hardly 0.18 percent”, she added.
In 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.
“Secondly, KCCI must also look into the possibility of sending sellers’/ buyers’ 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”, she added.
Earlier, 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’s exports to Vietnam stood at $261.24 million in FY22 and imports from Vietnam grew to $577.93 million. “Despite 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.”
President KCCI further noted that Pakistan’s 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’s total exports of $32 billion and has posted a growth of 25 percent compared to last year.
