Pak, Vietnam Bilateral Trade Soon To Reach At $1 Billion: Ambassador Tuan

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Jul, 2025) Ambassador of Vietnam to Pakistan, Pham Anh Tuan,on Monday said the volume of bilateral trade between Pakistan and Vietnam is likely to reach $1 billion soon, which will take bilateral economic relations to a new dimension.

The steady growth demonstrates the solid foundation upon which we can build towards our ambitious target of $10 billion in bilateral trade in the coming years, Ambassador of Vietnam to Pakistan, Pham Anh Tuan, told APP here.

“Our long-term vision encompasses a comprehensive economic partnership that transcends traditional trade boundaries. The Prime Ministers of both countries have agreed on an ambitious target of $10 billion in bilateral trade in the coming years, significantly higher than current levels,” he said.

With a combined market of 350 million people, both countries recognize the immense potential for deeper economic integration, and the Ambassador said that Vietnam's global trade volume currently stands at $800 billion with aspirations to reach $1 trillion, presenting extraordinary opportunities for Pakistani exporters.

The Ambassador said that it is with great satisfaction that “I note the remarkable progress in our bilateral trade, which reached approximately $850 million in 2024, with Pakistan's imports to Vietnam reaching $522 million and exports at $328 million.”

This represents significant progress from previous years, with bilateral trade growing from $750 million in 2023 to over $850 million in 2024, he said.

The envoy said the opportunities for enhanced bilateral trade and investment are multifaceted and substantial and according to 2024 trade data, Pakistan's key exports to Vietnam include cereals ($117.26 million), cotton ($65.64 million), raw hides and leather ($26.59 million), meat products ($14.33 million), and pharmaceutical products ($10.67 million).

Ambassador Tuan said that Vietnam's main exports to Pakistan include electrical and electronic equipment ($186.67 million), coffee, tea and spices ($30.70 million), and man-made filaments ($20.63 million). 

He said that 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, he said.

The Ambassador said the complementary nature of our economies offers immense potential - Vietnam's strength in electronics, machinery, and processing capabilities perfectly complements Pakistan's expertise in textiles, agriculture, and pharmaceuticals.

Replying to a question, he said the 5th Meeting of the Pakistan-Vietnam Joint Trade Committee held in Hanoi in the current month of July 11, 2025, marked a pivotal achievement in our bilateral relations.

The signing ceremony of the agreed minutes was witnessed by Federal Commerce Minister Jam Kamal Khan and Nguyen Hong Dien, Minister of Industry and Trade of Vietnam.

Most significantly, both sides agreed to initiate negotiations on a Pakistan-Vietnam Preferential Trade Agreement (PTA) within 2025 and this represents a crucial step forward in formalizing our trade relationship and reducing barriers to commerce between our nations, he said.

Replying to another question, he said the reactivation of the Joint Trade Committee after eight years represents a strategic reset in our bilateral economic relationship, and this institutional forum serves as the cornerstone for systematic cooperation and provides a structured mechanism for regular dialogue. 

Senior diplomat said that in 5th Meeting of the Pakistan-Vietnam Joint Trade Committee, both sides agreed on Promoting negotiations on the Preferential Trade Agreement (PTA), trade Promotion Corporation, Textile and garment cooperation, Aquaculture cooperation, Trade facilitation and Halal trade development.

In addition to the above areas, the two sides also discussed the potential for cooperation in other areas such as aviation, finance-banking, healthcare, human resource development and visa facilitation.

The Vietnamese envoy said the partnership envisions sustained growth in bilateral trade, enhanced investment flows, technology transfer, and collaborative industrial development.

The Ambassador said that both countries are committed to creating institutional frameworks that support this long-term vision while addressing challenges proactively through regular high-level exchanges and ministerial visits.