Trade cooperation opportunities with Iranian businesses

Along with traditional partners, Vietnamese businesses should expand trade cooperation with others, including Iran which holds potential in import-export and investment attraction. The recommendation was made by Vo Thanh Tan, Director of the Vietnam Chamber of Commerce and Industry’s Ho Chi Minh City branch, at a seminar on the two countries’ trade cooperation opportunities in the city on October 22. The event drew representatives from nearly 20 Iranian businesses operating in industry, construction, electronic components, garments, banking, health and cosmetics. Participants said that further expanding the two counties’ economic ties requires removing existing barriers, mostly in finance and banking. In addition to macro solutions such as the transaction of each other’s domestic currency, the two countries’ business communities must be more proactive in learning about each country’s market, updating information and seeking investment and business opportunities. Iranian Ambassador to Vietnam Hossent Alvandi said the exchange of delegations at fairs or seminars plays an important role in linking the two countries’ businesses, adding that they should increase the efficiency of trade and investment promotion organisations to minimise the intermediary cost and bring in more cooperation opportunities. Iran wants to import aquatic and agricultural products, footwear, motorbike spare parts and mobile phones from Vietnam, and is looking to cooperate in refining oil, construction and agriculture. In the 2001-2011 period, the countries’ two-way trade enjoyed a 28-fold increase from 6.5 million USD to nearly 185 million USD. In 2012, Iran poured 10,000 USD into a project in Vietnam. The Vietnam National Oil and Gas Group has conducted an oil exploration project worth 115 million USD and signed a Memorandum of Understanding on another one billion USD project in Iran.-VNA