Ambassador of Vietnam Pham Hoang Kim has said that a high profile business delegation will visit Pakistan soon to have interaction with Pakistan counterparts and to explore business opportunities.
He was talking to the Lahore Chamber of Commerce & Industry (LCCI) Acting President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal here Thursday. He said that visit of the delegation will cement the trade and economic ties between the two countries. Both countries have the potential to boost their mutual trade to $1 billion, he said.
He said there is a need of joint efforts of the business community to come forward to boost up the trade volume. He said that exchange of business delegations is must to explore each other's market. There should be interaction between chambers of commerce of both countries. He said he wants Pakistani businessmen in Vietnam.
Answering to a question, the Ambassador said that promotion of tourism sector is the main target and both countries can work together in this sector. LCCI Acting President Khawaja Shahzad Nasir said that during the span of 10 years, Vietnam has become important trading partner of Pakistan. Among the major importing and exporting countries for Pakistan, Vietnam comes at 27th and 18th places. He said that presently the balance of trade is in favour of Vietnam.
Saigal said that during last two years the bilateral trade has come down from US $717 million to $637 million. It was due to 19 percent decrease in imports from Vietnam. However, Pakistan's exports remained unchanged to $282 million. He said that Pakistan exports to Vietnam comprise frozen fish, cotton fabric, engineering and frozen meat etc., whereas the imports from Vietnam are electrical equipment, vegetables, tea and man-made filaments.
The regular exchange of trade related information between two countries can prove vital in enhancing trade volume to $1 billion, he said. Both countries should also focus on exchange trade delegations and organize single country exhibitions in each other's countries to explore the hidden trade potential, he added.