Vietnamese Minister of Industry and Trade Tran Tuan Anh and Azerbaijani Minister of Energy Natiq Aliyev chaired the event.
Speaking at the event, Anh said the meeting marks an important milestone to push forward bilateral ties, especially in the context of celebrations for the 25th anniversary of Vietnam-Azerbaijan ties.
From 2013-2014, Azerbaijan boasted the third largest trade volume with Vietnam, behind Russia and Ukraine.
In 2014, two-way trade hit US$422.4 million, of which exports reached US$73.6 million. One year later, the figure fell to US$34.2 million. In 2016, the figure soared to US$104.44 million, US$5.14 million of which was Vietnam’s exports.
In the near future, the two nations will diversify exports-imports, and boost trade promotion to increase Vietnam’s exports to the Asian country.
The sides planned future orientations in the fields of investment, agriculture, science-technology and culture, including negotiations on an agreement on bilateral trade facilitation and protection, making it easier for the two nations’ business communities to navigate each other’s market.
They will also consider an agreement on plant quarantine and food produce quality control.
The Vietnamese side welcomed the organisation of Azerbaijani cultural days in Vietnam this year.