Pakistan and Vietnam can create a win-win combination by supporting each other in textile and other segments. The above thoughts have been disclosed by Nguyen Tien Phong, Ambassador of Vietnam in Pakistan, and he proposed that building partnerships in textiles and rice production would help two nations strike new avenues in world trade. He also expressed his profound and enthusiastic desire that Preferential Trade Agreement (PTA) between Pakistan and Vietnam should be signed through fast-tracking the initiative and implemented effectively to multiply the trade volumes.
Though a small country, Vietnam is a significant player in the textile industry.
They are known specifically for their ready-to-wear clothing, which is cheaper than China offers. Similarly, the textile sector is the backbone of Pakistan’s GDP.
Mutual cooperation between these two countries could open new doors for success.
Ambassador Nguyen Tien Phong and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) leadership jointly emphasized increased interaction at the government and private sector levels to boost trade. Nguyen said, “The bilateral trade volume of 0 million per year is insufficient, and the two countries possess ample potential to enhance it to billion in the coming years.
Business communities of both sides should not think that being big producers and competitors in rice and textiles, we cannot cooperate. We can beautifully complement each other for a win-win mechanism.” He also underscored the need to exchange business delegations from Islamabad to Hanoi and vice versa.
Hanif Lakhany, FPCCI Vice President, and Suleman Chawla, FCCI Senior Vice President, shared that Vietnam should consider investing in Pakistan’s smartphone and semiconductor sectors apart from textiles. Furthermore, the chamber would do its best to strengthen and enrich economic and commercial ties between the two countries.
