Vietnam hints at early signing of Pakistan-Vietnam PTA to boost bilateral trade to US$ 1 bln

ISLAMABAD, Jul 13 (APP): Ambassador of Vietnam to Pakistan, H.E Pham Anh Tuan on Monday expressed optimism that Pakistan and Vietnam wouldl soon sign a bilateral Preferential Trade Agreement (PTA), describing the proposed accord as a key milestone for promoting trade liberalization and unlocking the untapped economic potential between the two countries.

Speaking to APP, besides a dinner hosted by him in honor of senior journalist here, the Vietnamese Ambassador said that negotiations on the proposed PTA had made significant progress, with four rounds of talks already completed.

The Ambassador expressed confidence that the agreement would be finalized in the near future and formally signed by the top leadership of both countries.

He said the bilateral PTA would provide a strong institutional framework for expanding bilateral trade, encouraging investment, and facilitating greater market access for businesses in both countries.

Vietnamese envoy noted that the agreement would pave the way for reducing trade barriers and strengthening commercial cooperation across a wide range of sectors.

Tuan said bilateral trade between Pakistan and Vietnam has already reached approximately US$ 900 million, reflecting the growing economic partnership between the two friendly countries.

Once the PTA came into implication, he expressed hope that bilateral trade would surpass the US$ one billion mark in the near future. The envoy emphasized that Pakistan and Vietnam possess considerable untapped trade and investment potential.

He said both economies were complementary in several sectors, including textiles, agriculture, fisheries, information technology, pharmaceuticals, food processing, and light manufacturing.

A comprehensive trade agreement, he added, would help businesses capitalize on these opportunities and further diversify bilateral trade.

Highlighting the importance of private-sector engagement, the ambassador stressed that closer cooperation between the business communities, chambers of commerce, and industry representatives of both countries is essential for achieving sustainable growth in bilateral trade.

He said business-to-business contacts, trade delegations, exhibitions, and investment forums would play a pivotal role in creating new commercial partnerships and enhancing mutual confidence.

The envoy further observed that the proposed PTA would not only facilitate increased trade volumes but also encourage joint ventures, technology transfer, and greater investment flows between Pakistan and Vietnam.

Such cooperation, he said, would contribute to stronger economic integration and create mutually beneficial opportunities for entrepreneurs and exporters.

The Vietnamese ambassador also underscored the importance of raising public awareness about the growing relationship between Pakistan and Vietnam.

He said stronger people-to-people contacts and enhanced understanding of each other’s economic strengths would further reinforce bilateral ties.

In this regard, he highlighted the significant role of the media in promoting bilateral relations, saying that responsible and constructive media coverage can help increase awareness of trade, tourism, cultural exchanges, and investment opportunities between the two countries.

Greater media engagement, he noted, would contribute to fostering closer friendship and deeper economic cooperation.

Pakistan and Vietnam have witnessed steadily expanding diplomatic and economic relations in recent years, with both governments expressing a shared commitment to enhancing trade, investment, and regional connectivity.

The proposed ‘Preferential Trade Agreement’ was widely viewed as an important step toward strengthening economic collaboration and achieving the ambitious target of increasing bilateral trade beyond the one-billion-dollar threshold.