Pakistan and Vietnam are exploring joint ventures and enhanced cooperation in key economic sectors, including textiles, manufacturing, information technology, tourism, processed meat, and agriculture. The potential for deeper collaboration was highlighted during a high-level meeting between Vietnam's Ambassador to Pakistan, Pham Anh Tuan, and Lahore Chamber of Commerce and Industry (LCCI) President, Mian Abuzar Shad, at LCCI on Thursday, as per a press statement.
LCCI Executive Committee Members Khurram Lodhi, Ahsan Shahid, Karamat Ali Awan, Muhammad Muneeb Monnoo, Asif Malik, and Syed Ali were also present. The two-hour-long discussion focused on strengthening bilateral ties, identifying untapped opportunities, and formulating strategies to boost trade and investment.
Ambassador Pham Anh Tuan provided an overview of Vietnam's economic performance, noting that its global exports in 2024 surpassed $405.5 billion, while imports stood at $380.8 billion. Foreign direct investment (FDI) in Vietnam reached an estimated $25.35 billion, making the country increasingly attractive to investors.
He highlighted Pakistan's importance as a trade partner, particularly in textiles, where Faisalabad alone contributes 30% of Pakistan's textile production and 44% of its textile exports. Bilateral trade between the two nations has grown steadily, rising from $750 million in 2023 to over $850 million in 2024. Pakistan's exports to Vietnam reached $522 million, while imports stood at $328 million.
Despite this progress, both sides acknowledged that trade volume remains far below its potential, given their economic strengths and complementary industries. The ambassador identified IT and tourism as underutilised sectors with significant opportunities for collaboration. He also stressed the importance of leveraging Vietnam's membership in the Association of Southeast Asian Nations (ASEAN) to enhance Pakistan's regional trade ties.
LCCI President Mian Abuzar Shad highlighted the longstanding diplomatic and trade relations between Pakistan and Vietnam, dating back to 1972. He called for increasing Pakistan's share in Vietnam's trade, which exceeded $400 billion in exports and $380 billion in imports in 2024. He proposed a $3 billion bilateral trade target and advocated for improved market access for exporters in both countries. To achieve this, he suggested exploring a Free Trade Agreement, increasing direct flights, strengthening banking channels, and organising trade delegations. He also underscored the role of commercial sections in embassies, urging them to share market insights.
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