LCCI, Vietnamese envoy discuss boosting bilateral trade

LAHORE: Joint ventures and enhanced economic cooperation between Pakistan and Vietnam in key sectors such as textiles, manufacturing, IT, tourism, processed meat and agriculture could unlock the full potential of bilateral trade, according to discussions held between Vietnamese Ambassador Pham Anh Tuan and Lahore Chamber of Commerce and Industry President Mian Abuzar Shad on Thursday at the LCCI.

The ambassador gave an overview of Vietnam’s robust economic performance saying that the country’s global exports in 2024 surpassed $405.5 billion while imports stood at $380.8 billion. He said that Vietnam’s attractiveness is growing to foreign investors with foreign direct investment (FDI) reaching an estimated $25.35 billion in 2024. The ambassador shed light on the significant opportunities for collaboration in information technology and tourism, sectors that remain underutilised in the bilateral trade relationship. LCCI President Mian Abuzar Shad proposed setting a target of achieving a bilateral trade volume of at least $3 billion by improving market access for exporters in both countries. To achieve these goals, he called for the exploration of a Free Trade Agreement (FTA) between Pakistan and Vietnam. The ambassador and the LCCI chief expressed a shared commitment to deepening economic ties and exploring new avenues for collaboration.