Vietnam is ready to begin negotiations on a Preferential Trade Agreement (PTA) with Pakistan to deepen economic cooperation and expand bilateral trade, Ambassador of Vietnam to Pakistan Pham Anh Tuan said on Saturday.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Tuan said both countries had agreed at the 5th Joint Trade Committee meeting in Hanoi in July 2025 to launch PTA talks this year. He noted that bilateral trade reached $850 million in 2024 and was expected to cross $1 billion in 2025.
LCCI President Mian Abuzar Shad said Pakistan and Vietnam were established trading partners but had yet to achieve full potential. He cited State Bank data showing Pakistan's exports to Vietnam dropped from $357 million in 2023-24 to $227 million in 2024-25, while imports rose from $285 million to $374 million.
He said both countries should aim to push trade to $5 billion by improving market access. Shad highlighted Vietnam's remarkable trade performance, noting its global exports touched $520 billion in 2024, while imports stood at $382 billion.
Pakistan mainly exports corn, cotton fabrics, leather and yarn, while Vietnam exports electronics, synthetic yarn, natural rubber and tea. Shad urged diversification into seafood, processed meat, pharmaceuticals, fruits and vegetables, while also exploring IT and tourism.
LCCI Senior Vice President Khalid Usman said Vietnam's ASEAN membership gave it strategic importance and suggested both sides also consider a Free Trade Agreement in the future.
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