Pakistan-Vietnam trade to hit $1b, eyes $10b target

Vietnam's Ambassador to Pakistan, Pham Anh Tuan, on Monday, said that bilateral trade between Pakistan and Vietnam is expected to soon reach $1 billion, paving the way for a stronger economic partnership.

"The steady growth shows the solid foundation on which we can build toward our ambitious target of $10 billion in bilateral trade," the ambassador told APP.

The prime ministers of both countries have already agreed on this long-term goal. The ambassador said the vision goes beyond traditional trade and aims to develop a comprehensive economic partnership.

With a combined market of 350 million people, both sides see strong potential for deeper integration. He noted Vietnam's global trade volume stands at $800 billion, with plans to reach $1 trillion, creating major opportunities for Pakistani exporters. The ambassador said bilateral trade had reached approximately $850 million in 2024. Pakistan's imports from Vietnam were $522 million, while its exports stood at $328 million.

This reflects progress from the previous year, when trade totalled $750 million in 2023. According to 2024 data, Pakistan's main exports to Vietnam include cereals ($117.26 million), cotton ($65.64 million), raw hides and leather ($26.59 million), meat products ($14.33 million), and pharmaceuticals ($10.67 million). Vietnam's key exports to Pakistan include electrical and electronic equipment ($186.67 million), coffee, tea and spices ($30.70 million), and man-made filaments ($20.63 million).

Both countries have identified priority sectors for cooperation, such as textiles, agriculture, pharmaceuticals, information technology, and energy. Vietnam is also interested in importing more Pakistani rice, textiles, and leather, while encouraging Pakistani investment in Vietnam's manufacturing and tech industries.

The ambassador said the complementary nature of the two economies provides a strong base for growth. Vietnam's strengths in electronics, machinery, and processing align with Pakistan's capabilities in textiles, agriculture, and pharmaceuticals. He highlighted the 5th Meeting of the Pakistan-Vietnam Joint Trade Committee, held in Hanoi on July 11, 2025, as a major development in bilateral relations. The meeting was witnessed by Pakistan's Commerce Minister Jam Kamal Khan and Vietnam's Minister of Industry and Trade, Nguyen Hong Dien.

At the meeting, both sides agreed to begin negotiations on a Pakistan-Vietnam Preferential Trade Agreement (PTA) within 2025. This step is expected to formalise trade ties and reduce commercial barriers.

The reactivation of the Joint Trade Committee after eight years marked a strategic reset, said the envoy. The committee serves as a structured platform for sustained dialogue and cooperation. The committee agreed to promote PTA talks, trade promotion, textile and garment cooperation, aquaculture, trade facilitation, and halal trade development. Other areas discussed included aviation, finance, healthcare, human resources, and visa facilitation. The ambassador said both countries aim to enhance trade, investment, technology transfer, and industrial collaboration. He added that the partnership will be supported by institutional frameworks and regular high-level exchanges.