Federal Minister for Commerce Jam Kamal Khan announced measures to strengthen trade relations between Pakistan and Vietnam, emphasizing increased bilateral trade and Pakistan’s exports.

Speaking with the media on Saturday, Khan highlighted Vietnam’s dynamic economy, with a 7.5% GDP growth rate and a trade volume nearing $800 billion, projected to reach $1 trillion soon. He underlined Pakistan’s anticipation to learn from Vietnam’s economic successes and enhance mutual trade opportunities.

Khan noted that the Pakistan-Vietnam Joint Trade Committee, dormant for seven years, has been revitalized, with its recent session in Hanoi marking a significant milestone.

This followed directives from Prime Minister Muhammad Shehbaz Sharif, who, during a meeting with his Vietnamese counterpart in Riyadh, tasked the Ministry of Commerce with promoting trade and exports. The ministry, in coordination with the Pakistani Embassy in Vietnam, has developed a roadmap to foster economic cooperation.

During his four-day visit to Vietnam from July 9 to 12, the first high-level ministerial trip in 15 years, Khan held extensive discussions with Vietnamese Minister of Industry and Trade Nguyen Hong Dien and other officials. Both nations agreed to initiate negotiations for a Preferential Trade Agreement (PTA) in 2025 to reduce trade barriers and boost sectors like textiles, agriculture, pharmaceuticals, and IT.

Vietnam expressed keen interest in importing Pakistani rice, textiles, and leather goods, while Pakistan aims to access Central Asian and Middle Eastern markets through Vietnam.

Khan invited Vietnamese trade delegations to Pakistan and extended an invitation to Vietnam’s trade minister to explore investment opportunities. He also met with Vietnam’s central bank officials, noting their interest in currency printing partnerships and sharing expertise on Vietnam’s cashless economy. The minister urged Pakistani businesses to engage actively, assuring comprehensive support for trade delegations to tap into promising sectors.

With bilateral trade currently at $850 million, Vietnam aims to elevate it to $1 billion by next year, offering Pakistan a chance to expand exports, particularly in halal-certified fisheries and textiles. The Federal Minister was optimistic that these efforts will yield significant economic benefits, strengthening Pakistan-Vietnam ties for mutual prosperity.