By Recorder Report

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LAHORE: Ambassador of Vietnam to Pakistan Pham Anh Tuan has said that Vietnam is ready to begin negotiations on a Preferential Trade Agreement (PTA) with Pakistan to deepen economic cooperation and significantly enhance bilateral trade.

He expressed these views while speaking at the Lahore Chamber of Commerce and Industry.

LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Honorary Consul of Vietnam Rizwan Fareed also spoke on the occasion while Executive Committee Members Syed Salman Ali, Karamat Ali Awan, Muhammad Imran Saleemi and Waqas Aslam were also present.

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Ambassador Pham Anh Tuan said that at the 5th Joint Trade Committee meeting held in Hanoi in July 2025, a great decision was taken as both countries agreed to launch negotiations for a Preferential Trade Agreement in 2025.

He said the growth in two-way trade between Vietnam and Pakistan is an encouraging development, saying that bilateral trade volume had reached $850 million in 2024 and was projected to cross the $1 billion mark in 2025.

Ambassador said that Pakistan and Vietnam had established diplomatic ties 53 years ago, and over the decades, their cooperation had expanded across multiple fields, including politics, trade, culture, and people-to-people exchanges.

Speaking on the occasion, LCCI President Mian Abuzar Shad said that while Pakistan and Vietnam are established trading partners, much more needs to be done to realize the true potential of bilateral trade.

Quoting figures from the State Bank of Pakistan, he said Pakistan’s exports to Vietnam stood at $357 million and imports at $285 million during 2023-24.

However, in 2024-25, exports fell to $227 million, while imports rose to $374 million. He said that both countries should aim to increase bilateral trade to at least $5 billion, which can be achieved by ensuring better market access for exporters in both countries. “We certainly require your support and guidance to achieve this target,” he added.

Mian Abuzar also underlined Vietnam’s impressive trade performance and said that in 2024, its global exports touched nearly $520 billion while imports reached $382 billion which makes Vietnam one of the fastest-growing economies in the region. He said Pakistan should follow Vietnam’s example by focusing on boosting exports to reduce its long-standing trade deficit.

He said that Pakistan’s key exports to Vietnam include corn, cotton fabrics, leather and cotton yarn, while Vietnam mainly exports electronic equipment, synthetic filament yarn, natural rubber and tea to Pakistan.

He stressed the need to diversify Pakistan’s export basket by targeting sectors such as seafood, processed meat, pharmaceuticals, fruits and vegetables, while also building cooperation in Information Technology and Tourism.

LCCI Senior Vice President Engineer Khalid Usman highlighted the importance of exploring new avenues of trade between Pakistan and Vietnam. He said Vietnam, being a key member of ASEAN, holds strategic importance for Pakistan and both countries should also consider the possibility of a Free Trade Agreement (FTA) in the future.

He further urged that the commercial sections of both countries play an active role in sharing market intelligence and survey reports with their respective Chambers of Commerce on a regular basis to enhance trade facilitation.

Copyright Business Recorder, 2025