Pakistan is looking to enhance trade opportunities with different countries and recently we saw Islamabad working to enhance opportunities with Finland in the future. Now Pakistan has agreed to take similar initiatives with Vietnam as well in order to increase bilateral trade between the two countries.
The bilateral trade promotion between the two countries was agreed at the 4th Session of Pakistan-Vietnam Joint Ministerial Commission which was held on Wednesday. A delegation of Pakistan was led by Arif Ahmed Khan, Secretary Economic Affairs Division (EAD), while the delegation from Vietnam was led by Cao Quoc Hung, Vice Minister of Industry and Trade.
Pakistan will be providing excellent opportunities to investors from Vietnam by allowing them 100% equity as well as a concession in taxes imposed to attract them. Vietnam will also benefit from the Economic Zones that will be developed under the China-Pakistan Economic Corridor (CPEC). The auto sector is booming in Pakistan right now and investors can cash in due to the new Auto Policy announced by the government in March this year.
Apart from this, Vietnam will also be looking to make investments in other sectors which include Information Technology, industrial, education and health, and food processing. Both the countries will also work on trade exhibitions amongst themselves in order to boost their trade volumes in the upcoming years.
Both the countries have agreed to work together in Joint Working Groups (JWG) in agricultural, science and technology, and other fields to get better results. The Pakistani government has also asked the Vietnamese counterparts to move forward with the trade cooperation in the upcoming Joint Trade Committee.
Signing trade agreements will help Pakistan explore new opportunities for its exporter’s, specifically small-scale exporters who will get a chance to showcase their products in foreign markets. Similarly, Vietnam will get a chance to make investments in Pakistan with an ever-growing domestic market and strategic location.