Karachi, March 14, 2013 (PPI-OT): Karachi Chamber of Commerce and Industry’s President Muhammad Haroon Agar lauded the efforts and services rendered for last seven years by Nguyen Hong Tien, Commercial Counsellor of Vietnam to promote Pakistan-Vietnam bilateral economic and commercial activities. He stated that since 2007 Nguyen Hong Tien maintained a vibrant interaction with seven Presidents of KCCI.
He appreciated the way Vietnam’s Commercial Counsellor responded to KCCI invitations, whether it was My-Karachi Exhibition, Trade Conference or any other event. He said that Tien was equally popular in the public, private sectors and the Diplomatic Corps.
He said that Nguyen Hong Tien has successfully projected and promoted the interests of both Pakistan and Vietnam and wished him success for his future assignments. Exchanging views on Pakistan and Vietnam bilateral relations, Haroon Agar stated that the two friendly countries maintain modest economic ties since 1970s. However, since 1995, both countries desired to uplift economic ties and explore areas of mutual cooperation.
Pakistan wanted to export knitting, spinning and sugar refinery machines to Vietnam and send Pakistani petroleum experts to work in Vietnam. Potential trading products from Pakistan are leather and leather products, pharmaceuticals, seafood while trading products from Vietnam are tea, cotton, synthetic fibre and fisheries.
The trade volume has been considerably improved. Pakistan is largest tea importer from Vietnam worth $125 Million while Pakistan’s exports to Vietnam reached $296 Million in 2012; balance of trade is in favour of Pakistan. Opportunities of mutual cooperation for trade and investment in I.T. and software, industry, agriculture, culture and education do exist.
Trade agreement between two countries was signed in May 2011 and agreement on the avoidance of double taxation in March 2004. In the 2nd session of Joint Trade Commission held in August 2012 in Islamabad, both sides showed motivation to achieve $500 Million bilateral trade target by December 2013.
On this juncture, Pakistan recognized Vietnam as full market economy and in reciprocity Vietnam assured its full support to become the full dialogue partner of ASEAN. Simplification of visa procedures, regular exchange of trade delegations, commercial information was also discussed on this occasion, he added.
Nguyen Hong Tien, Commercial Counsellor of Vietnam expressed profound gratitude to Karachi Chamber of Commerce and Industry for entire support during his tenure at Karachi. He voiced that he communicated to the Vietnam Government the true dynamics of KCCI and the business community of Karachi. He said that Pakistan become a brand for him during his posting at Karachi and he successfully projected Pakistan’s strength in the Vietnam.
He introduced his successor Vu Viet Dung, newly designated Commercial Counsellor of Vietnam who early served in the Ministry of Industry and Trade of Vietnam. Vu Viet Dung apprised that he will follow the footsteps of his predecessor and will maintain regular liaison with KCCI. He highlighted that Vietnam was the most emerging economy in the region with a growth rate of 5 to 8 percent annually. Last year 5.2% growth was recorded.
Vietnam being open economy contributes exports of $110 Billion. Top exports comprise of textiles, garments, crude oil, electronics and footwear. Vietnam is also the recipient of $10 Million Foreign Director Investment annually. He revealed that Pakistan-Vietnam bilateral trade volume increase 10 times during the tenure of his predecessor.
Vietnam’s Deputy Prime Minister on the occasion of Joint Trade Commission Meeting in Islamabad signed MoU to achieve $500 Million target of bilateral trade by the end of this year. He informed that Pakistan imports in large quantity tea, black pepper, cashew nuts, yarn and fish fillets.
For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010
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