Vietnam is ready to start negotiations for paving the way regarding signing of Free Trade Agreement (FTA) with Pakistan while it has already signed nine agreements and memorandum of understanding (MoU) which are enough to provide a solid base for promotion of economic co-operation between the two countries.
The Ambassador of Vietnam Hguyen Quang Thuc revealed this while talking to the office-bearers and the executive committee members of the Lahore Chamber of Commerce and Industry (LCCI) here on Tuesday. He also expressed his desire to enhance bilateral trade between Pakistan and Vietnam and stressed the need for holding frequent meetings of the Joint Economic Commission besides exchanging high-powered delegations between the two countries.
The trade has been emerged as one of the most outstanding fields of co-operation and being developed rapidly that is evident from less than 10 million dollar trade in 1999 to 149.8 million dollar in 2008 and 135.82 million dollar during the first 9 months of 2009, the Ambassador said.
Vietnam Embassy has already done a lot of economic task for creating favourable conditions for Pakistani business community so that they could visit Vietnam for having first hand knowledge about the available business opportunities, he added. Thuc further said the volume of exchange of businessmen visits were on the rise that has been increased from 180 persons in 2006 to 590 in 2007 and nearly 1000 in 2009.
The economic reforms initiated in 1986 has recorded remarkable achievements of historical significance, changing the image of the country and creating premises and momentum for Vietnam to advance more rapidly and firmly on the path of industrialisation and modernisation, he added.
In pursuing the foreign policy of independence, self-reliance, openness, diversification and multi-lateralisation of external relations and active international integration, the diplomacy has become an important front in time of peace. It made an important contribution for maintaining and securing the peaceful environment and also creating a favourable international environment conducive to national construction and defence, he opined.
Speaking on the occasion, the LCCI President Zafar Iqbal Chaudhry said that Vietnam's market offers huge potential for Pakistani products like auto parts, pharmaceutical products, man-made filaments, knit fabrics, plastics and plastic products, fish, dairy products, surgical instruments, distillation products and handicrafts. Pakistan and Vietnam both being agricultural economies can also collaborate in agricultural implements and machinery sectors and can share their agricultural experience.