Pakistan & Vietnam Boost Economic Ties: $3 Bn Trade Target Set

Pakistan and Vietnam set $3 billion trade target to boost economic ties. The two countries are looking to take their economic relationship to the next level. Both sides have set an ambitious goal to increase bilateral trade to $3 billion, signaling stronger cooperation across multiple sectors.

High-Level Delegation Visits LCCI

A Vietnamese business delegation led by Tran Thi Luyen, Director General of NPD Viet Nam Joint Stock Company, visited the Lahore Chamber of Commerce & Industry (LCCI) on Friday. The visit was arranged by Rizwan Fareed, Honorary Consul of Vietnam in Pakistan.

On the Pakistani side, the delegation met with LCCI President Faheem Ur Rehman Saigol, Senior Vice President Tanveer Ahmed Sheikh, Vice President Khurram Lodhi, and members of the executive committee.

Current Trade Snapshot between Pakistan and Vietnam

Pakistan and Vietnam established diplomatic relations in 1972. Over the past five decades, both nations have maintained strong political and economic cooperation.

According to the State Bank of Pakistan (SBP), during FY 2024-25:

• Pakistan exported goods worth $226.6 million to Vietnam.
• Pakistan imported $374 million worth of goods from Vietnam.

Vietnam’s economy, with a GDP of $476 billion, over $519 billion in exports, and $382 billion in imports, offers significant potential for trade growth.

Focus on B2B Partnerships and Key Sectors by Pakistan

LCCI President Saigol noted that current trade levels are below potential. He emphasized expanding B2B partnerships and improving market access to achieve the $3 billion target.

Key sectors identified for growth include:

• Textiles and cotton yarn
• Dairy products
• Tea and food products
• Packaging industry
• Tourism

A Strategic Push Forward

Both countries see this target as more than just a simple number. This $3 billion target set by the two countries represents a strategic push to deepen economic collaboration and tap into each other’s strengths. With focused efforts and sectoral cooperation, achieving this milestone seems well within reach.