Upon addressing the forum, Minister Nguyen Hong Dien said Vietnam and Pakistan are two fast-growing Asian economies with a combined population of more than 350 million and both strategically positioned to connect Southeast Asia and South Asia. Each country, he noted, has its own distinctive strengths.

According to Dien, while Pakistan boasts abundant natural resources and well-developed industries such as garments and textiles, leather, pharmaceuticals, and Halal food, Vietnam has been recognized globally as one of the most dynamic economies and a bright spot in the regional and world economic landscape.

He emphasized that bilateral trade, currently valued at under US$1 billion a year, remains modest compared to the two countries’ potential, advantages, and long-standing friendship. If the two sides can connect value chains, open direct air routes and maritime links, and make use of tariff preferences under their bilateral trade framework, the figure could increase five to ten times within just a few years.

Minister Dien proposed several measures to boost trade cooperation between the two countries.
First, he suggested stepping up cooperation in the textile and leather sectors, which are naturally complementary between Vietnam and Pakistan.
Second, he highlighted agriculture and Halal food as another promising area, given Vietnam’s strong capacity in producing and exporting tropical farm produce and Pakistan’s large consumption market and developed Halal industry.

Third, he underlined industrial materials and energy as foundations for long-term cooperation. Vietnam welcomes Pakistani enterprises to supply raw materials or invest in industries such as materials, machinery, chemicals, and clean energy. Conversely, Vietnamese businesses hope to take part in oil and gas exploration, renewable energy, solar power, electricity transmission, and mechanical engineering projects in Pakistan, which currently has high demand for power and energy.

Fourth, he called for stronger investment cooperation in pharmaceuticals, as both countries’ pharmaceutical sectors are growing rapidly and have complementary advantages in raw materials.
Fifth, he proposed bolstering co-operation in digital technology and innovation, since both Vietnam and Pakistan possess young, dynamic workforces with strong adaptability to new technologies. The two sides could jointly develop digital solutions, share experience in digital transformation, and build cross-border e-commerce platforms.

Minister Dien said these advantages and opportunities would create a strong foundation and fresh momentum for businesses of both countries to expand investment and trade, especially in sectors where one side has strengths and the other has demand, thereby deepening and enhancing economic cooperation for mutual benefit.

For his part, Pakistan’s Minister of Commerce Jam Kamal Khan shared the same view, noting that bilateral trade has made encouraging progress but remains far below potential. He said the two countries’ diverse and complementary economies offer tremendous opportunities in textiles, leather, pharmaceuticals, agriculture, food processing, seafood, building materials, and information technology.

Regarding the Vietnam-Pakistan Preferential Trade Agreement, Minister Khan described it as an important initiative that would provide a new framework to strengthen market access, diversify exports, and promote more balanced trade between the two nations.

At the forum, witnessed by the ministers, deputy ministers, the Vietnamese Ambassador to Pakistan, and businesses from both countries, Minister Nguyen Hong Dien and Minister Jam Kamal Khan officially signed a joint declaration launching negotiations on the VPPTA- a milestone in the economic and trade partnership between Vietnam and Pakistan.

The two ministers instructed their respective agencies to commence negotiations immediately and strive to complete and sign the agreement at the earliest possible time, with the target of finalizing it in 2025.

Officials said the agreement holds strategic significance for both nations. From a market access perspective, it will facilitate goods from each side to enter the other’s market, particularly in areas of strength such as textiles (from Pakistan’s cotton and yarn to Vietnam’s garment industry), agricultural and seafood products, Halal food, wood products, construction materials, and pharmaceuticals.

In addition, the agreement will help establish a stable legal environment that encourages investment in complementary sectors ranging from textile and agricultural processing supply chains to energy and technology industries.

It is also expected to serve as a foundation for the two countries to work toward a comprehensive free trade agreement in the future, thus strengthening regional connectivity and helping both economies tackle global challenges.

The VPPTA is expected to capitalize on the complementary strengths of the two dynamic economies and boost bilateral trade, currently under US$1 billion a year by five to tenfold in the coming years.

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