Vietnam and Iran to promote trade, investment activities

The two countries will also improve the existing legal institutional frameworks to create favourable conditions for businesses and investors.

Viet Nam News

Viet Nam News



NA Chairman Vương Đình Huệ talks to businesspersons participating in a forum on promoting investment and business between Việt Nam and Iran held on August 9. PHOTO: VNA/ VIET NAM NEWS

August 11, 2023

HÀ NỘI — During a forum on promoting economic, trade and investment cooperation between Việt Nam and Iran held in Iran on August 9, National Assembly Chairman Vương Đình Huệ proposed that Việt Nam and Iran need to have solutions to develop economic cooperation, trade and investment.

The forum was organised by Việt Nam’s Ministry of Industry and Trade and the Embassy of Việt Nam in Iran in collaboration with the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

Chairman Huệ said that firstly, the two countries need to remove obstacles and difficulties to soon achieve the goal of increasing bilateral trade value. The two sides also continue to improve the existing legal institutional frameworks to create favourable conditions for businesses and investors.

The two countries have built a number of important cooperation frameworks, including the Economic and Trade Joint Committee. The committee’s 10th session will be held in the third quarter of this year to discuss solutions to solving the existing difficulties in doing trade and investment.

Huệ also suggested that Việt Nam and Iran need to step up the activities of working groups on trade exchange and payment. The two countries have signed many agreements on double taxation avoidance, mutual judicial assistance and customs.

At the forum, ICCIMA President Hossein Selahvarzi said that the two countries have great potential for economic and trade cooperation. The economies of Iran and Việt Nam are complementary to each other. However, economic and trade cooperation is currently not commensurate with political and diplomatic relations, requiring them to make more efforts to promote this cooperation.

Talar Poshti, head of the Iranian Islamic Parliament’s Industry and Mining Committee, said that both Iran’s National Assembly and Government have solutions to remove difficulties as well as many programmes to promote cooperation with Việt Nam. Those are expected to promote economic, trade and investment cooperation between the two countries in the future.

Chairman of the Iranian Parliament’s Economic Committee Pour Ebrahimi expressed his impression of Việt Nam’s socio-economic development achievements.

He said the Government of Iran wishes to develop economic and trade ties with Việt Nam. He hoped that the visit of Chairman Vương Đình Huệ would open a new chapter for economic and trade cooperation between the two countries.

Chairman Huệ believed that the immediate difficulties in business cooperation between the two countries would be removed step by step, contributing to accelerating socioeconomic development.

He said Việt Nam is improving the legal system and removing obstacles for foreign investors operating in Việt Nam.

He also encouraged the chambers of commerce and industry of the two countries to organise many business delegations to visit each other to study the investment and business environments, and find cooperation opportunities.

He shared that the two countries are also promoting the opening of direct flights between Tehran and Ha Nội.

Việt Nam is now an attractive and safe destination for foreign tourists and investors. Việt Nam’s import-export turnover in 2022 reached US$735 billion, becoming one of the 20 countries with the largest total trade in the world.

Regarding foreign investment, Việt Nam has so far attracted more than 37,000 foreign investment projects with a total registered capital of $450 billion, ranked by the United Nations in the top 20 most successful FDI-attracting countries in the world.

Meanwhile, the trade value between Việt Nam and Iran rose from $6.5 million in 2001 to $124.5 million in 2021.

This value reached $100 million in 2022, and $21 million in the first three months of 2023, according to Việt Nam Trade Office in Iran.

Việt Nam has mainly exported agricultural products to Iran such as pepper, cashew nuts, tea and coffee, rubber, vegetables, fruits, seafood, footwear, handicrafts and wood products. It has imported from Iran products such as plastic products, petroleum, rubber, metal products and medicines.

Việt Nam has many chances to promote the export of goods to Iran, especially agricultural products due to Iran’s high import demand. Iran imports about 470,000 tons each year, worth $700 million.

Especially, tropical fruits are very popular in Iran, such as pineapples and mangoes. Vietnamese enterprises can also export other fruits such as dragon fruit, passion fruit, guava, papaya, mangosteen, pomelo to the Iranian market, according to Việt Nam Trade Office.

Enterprise meeting

On the same day, National Assembly Chairman Vương Đình Huệ received ICCIMA President Hossein Selahvarzi and a number of businesses in the fields of building materials and Iranian pharmaceuticals.

At the meeting, Selahvarzi emphasised that Iran can supply to Việt Nam products of construction materials, pharmaceuticals and asphalt.

He also suggested Việt Nam soon sign an agreement on plant quarantine to remove difficulties for fruit exports of Iran.

Chairman Huệ highly appreciated the role of the network of ICCIMA’s 34 branches nationwide and affirmed that the agreement signed between Việt Nam’s National Assembly and Iran’s Parliament will create a framework for the two countries’ chambers of commerce and industry to promote cooperation in trade and investment.

He also suggested the two countries to organise business delegations to learn about each other’s investment and business environment. — VNS

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