LAHORE: Ambassador of Vietnam Pham Hoang Kim has said that both Pakistan and Vietnam have the potential to boost their mutual trade to $1billion.
However, there is a need of joint efforts of the business community to come forward to boost up the trade volume. He was speaking to LCCI office bearers here during his visit to Lahore. He said that exchange of business delegations is must to explore each other’s market. He said that there should be interaction between chambers of commerce of both countries. He said he wants Pakistani businessmen in Vietnam.
The ambassador said that promotion of tourism sector is the main target and both countries can work together in this sector. 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. During his visit to Lahore he also met The LCCI Acting President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal.
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.
LCCI Vice President Faheem-ur-Rehman Saigal said that during last two years the bilateral trade has come down from dollar 717 million to dollar 637 million. It was due to 19% decrease in imports from Vietnam. However, Pakistan’s exports remained unchanged to dollar 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 etc.
Faheem-ur-Rehman Saigal said that regular exchange of trade related information between two countries can prove vital in enhancing trade volume to dollar 1 billion. He said that 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.