ISLAMABAD: Pakistan and Vietnam plan to boost their trade to $1 billion soon. Both countries have set a long-term target of $10 billion. Vietnam’s Ambassador to Pakistan, Pham Anh Tuan, made the announcement in Islamabad. He said both prime ministers have agreed on this shared economic goal. The new partnership will go beyond basic trade to cover investment and technology.
Trade between the two nations reached $850 million in 2024, up from $750 million in 2023. Pakistan imported $522 million worth of goods from Vietnam, while it exported $328 million. Major Pakistani exports include cereals, cotton, raw leather, meat, and pharmaceuticals. Vietnam sends electronics, coffee, tea, and synthetic textiles to Pakistan. Both sides believe their exports can grow with better cooperation.
The two countries now want to work more closely in sectors like textiles, agriculture, energy, and IT. Vietnam also wants to import more Pakistani rice and leather. In return, it welcomes Pakistani investors in its tech and manufacturing industries. The ambassador noted that both economies have strengths that complement each other.
Recently, the 5th Pakistan-Vietnam Joint Trade Committee met in Hanoi. Ministers from both countries attended the July 11 event. They agreed to begin talks on a Preferential Trade Agreement (PTA) later this year. This deal will reduce trade barriers and help formalize growing ties. They also discussed expanding work in finance, healthcare, visas, and halal food trade.
Finally, the ambassador stressed the importance of high-level visits and solid legal frameworks. These efforts will support joint goals in trade, investment, and industrial collaboration. He said both countries are fully committed to building a strong and lasting economic partnership.
