Jan 22, 2020 / 12:25

Iran plans to promote investments in Vietnam

The Hanoitimes - The move is intended for Iranian businessmen and traders to become acquainted with the business potential of Vietnam and having more vigorous presence in this market.

Iran’s Trade Promotion Organization (TPO) plans to hold a seminar on introducing the Vietnamese market on February 4, Tehran Times reported.

 Illustrative photo.

The seminar is intended for Iranian businessmen and traders to become acquainted with the business potentials of Vietnam and having more vigorous presence in its markets.

The TPO has previously held similar gatherings on introducing markets of some other countries and is planning to hold some more seminars in this field. It is mainly in line with the country’s approach of bolstering non-oil exports.

Last month, the head of Iran-Vietnam Joint Chamber of Commerce, Mostafa Mousavi, announced that the value of trade between the two countries reached US$352 million in the end of the last Iranian calendar year of 1397 (March 20, 2019), up over 100% from US$172 million in the preceding year.

“According to the official statistics, the worth of trade between the two countries stood at US$352 million in the previous Iranian calendar year [1397], the figure, however, is not approved by the joint chamber, since due to the U.S. sanctions much of the two countries’ trade is done through third countries and is estimated to be around $700 million,” Mostafa Mousavi was quoted by Iranian Labor News Agency as saying.

According to Mousavi, because of the sanctions most of Iran’s exports to Vietnam are being done through Turkey and Oman, while Vietnamese goods are imported through the UAE, which has led to not being mentioned in the official statistics of the two countries.  

Vietnam is one of the world’s major producers of non-oil commodities and its products are of very high quality.

The country was the 45th exporter of goods to Iran during the past Iranian calendar year with exported coffee, pepper, fish feed, and cellphones to Iran.