23/04/2015 09:48 GMT+7 Email Print Like 0

Vietnam, Pakistan enhance economic ties

Hanoi, April 22 (VNA) – A memorandum of understanding on bilateral trade promotion between Vietnam and Pakistan was signed at a working session of their commercial cooperation subcommittee held in Hanoi on April 22.

As stipulated, their trade agencies will step up coordinating major trade promotion campaigns as well as exchange information and facilitate domestic enterprises to take part in annual expositions organised in each country.

At the meeting, Industry and Trade Deputy Minister Do Thang Hai suggested conducting additional joint studies to reveal potential cooperative sectors, which he presumed to be energy, garment & textiles, infrastructure, mechanical engineering and chemical industry.

Pakistan is implementing a number of energy projects funded by the Asian Development Bank and the World Bank, and Vietnam has experience in electricity infrastructure construction.

Hai proposed that Pakistan provide information and help the Commercial Sectionunder the Vietnam Embassy in Pakistan to bid for the host country’s electricity development projects.

Pakistani Commerce Deputy Minister Muhammad Shehzad Arbab stated that the newly inked pact will create opportunities for the two’s economic affiliations to gain momentum.

Pakistan will provide favourable conditions for Vietnamese businesses operating in the Middle Eastern nation, he said.

According to the session’s reports, Vietnam and Pakistan raised their trade revenue to 427 million USD in 2014 from 242 million USD in 2010. Notably, the import of 35,000 tonnes of Vietnamese tea products worth 81.2 million USD last year made Pakistan the top Vietnamese tea consumer.