Pakistan-Vietnam trade set to cross $1bn mark

July 21,2025 (MLN): Pakistan and Vietnam have been projected to elevate their bilateral trade volume to $1 billion, with a long-term vision to achieve $10 billion, according to Vietnamese Ambassador to Pakistan, Pham Anh Tuan.

The Ambassador emphasized that the growing trade figures reflect a strong foundation for deeper economic integration, supported by a mutual commitment from the Prime Ministers of both countries.

Speaking to APP, Ambassador Tuan noted that bilateral trade reached approximately $850m in 2024, up from $750m in 2023.

Pakistan's imports from Vietnam stood at $522m, while exports were $328m.

He stated that with a combined market of 350m people, the potential for expanding trade and investment is substantial, as APP reported.

Highlighting Vietnam’s broader trade ambitions, he said the country’s global trade volume stands at $800 billion, with a goal of reaching $1 trillion, offering exceptional opportunities for Pakistani exporters.

He identified Pakistan's key exports to Vietnam as cereals ($117.26m), cotton ($65.64m), raw hides and leather ($26.59m), meat products ($14.33m), and pharmaceutical products ($10.67m).

Meanwhile, Vietnam’s exports to Pakistan include electrical and electronic equipment ($186.67m), coffee, tea and spices ($30.7m), and man-made filaments ($20.63m).

Ambassador Tuan added that both countries are prioritizing collaboration in textiles, agriculture, pharmaceuticals, IT, and energy.

Vietnam has shown interest in increasing imports of Pakistani rice, textiles, and leather goods, while welcoming Pakistani investment in its manufacturing and technology sectors.

The Ambassador stressed the complementary nature of both economies, citing Vietnam's strength in electronics and processing and Pakistan's in textiles and agriculture.

He referred to the 5th Meeting of the Pakistan-Vietnam Joint Trade Committee held on July 11, 2025, in Hanoi, as a milestone in bilateral ties.

The meeting was attended by Pakistan’s Federal Commerce Minister Jam Kamal Khan and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien, where both sides agreed to begin negotiations on a Preferential Trade Agreement (PTA) within 2025.

Ambassador Tuan highlighted that the reactivation of the Joint Trade Committee after eight years marks a strategic reset, providing a structured platform for ongoing dialogue.

Key areas of cooperation agreed upon include textile and garment, aquaculture, trade facilitation, halal trade, as well as potential collaboration in aviation, banking, healthcare, human resources, and visa facilitation.

He concluded that the partnership aims to drive sustained growth in trade, investment flows, technology transfer, and industrial development, backed by institutional frameworks and regular high-level engagements.

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