Vietnam, Turkey eye US$4-billion trade

Vietnam and Turkey have agreed to double two-way trade to US$4 billion from that in 2022. 

Vietnam’s Prime Minister Pham Minh Chinh and Turkey’s Vice President Cevdet Yilmaz in Ankara on Nov 29. Photo: Duong Giang/VNA

The figure was released at the meeting today [November 29] in Ankara between Vietnam’s Prime Minister Pham Minh Chinh and Turkey’s Vice President Cevdet Yilmaz.

In 2022, two-way trade reached more than US$2 billion with Vietnam’s exports being $1.6 billion. Turkey is one of Vietnam’s leading trade partners in the Middle East and a gateway to the Middle East and Southern Europe.

At the meeting, Vice President Cevdet Yilmaz affirmed that Vietnam is one of Turkey’s leading partners in ASEAN, mainly in trade, investment, security and defense, tourism, and labor.

At the meeting, the two sides agreed that the Turkish and Vietnamese ministries need to specialize measures in trade and economic cooperation. It would be the early initiation of negotiations for the Vietnam-Turkey Free Trade Agreement (FTA); arranging the 8th meeting of the Vietnam-Turkey Intergovernmental Committee in Ankara in 2024; bolstering the promotion of trade and investment between enterprises and communities in the two nations; opening markets for each nation’s goods; and lifting anti-dumping duties on goods from each country.

In addition, the opening of the Turkish consulate in Ho Chi Minh City will provide a strong impetus for economic relations. At the same time, Turkey pledged to support Vietnam in developing the Halal industry to contribute to two-way trade.

A number of agreements were signed during the trip of Prime Minister Pham Minh Chinh, the first visit paid by a Vietnamese Prime Minister to Turkey. The visit came when the two countries celebrate the 45th anniversary of establishing diplomatic relations.

The agreements include a memorandum of understanding (MOU) in agriculture and forestry between the two ministries; a MOU on cooperation between the Diplomatic Academy of Vietnam and the Diplomacy Academy of Turkey; a letter of Intent on cooperation between Vietnam Airlines and Turkish Airlines. 

The two leaders at the reception. Photo: Nhat Bac/VGP

In terms of investment, Turkey has 36 investment projects worth $974 million in registered capital, making it the biggest Middle Eastern investor in Vietnam. Among the Turkish investors, a joint venture Vietur led by a Turkish company is running well at the Long Thanh International Airport Project. PM Chinh affirmed that Vietnam would provide favorable conditions for Turkish investors in Vietnam, especially in hi-tech agriculture, green economy, and innovation.

The Vietnamese PM invited Vice President Cevdet Yilmaz to visit Vietnam next year.

On this occasion, Vietnam announced that the country’s Red Cross Society will continue delivering a sum of VND15 billion ($618,000) to Turkish people affected by the earthquakes in February.

On the same day, Turkish Minister of Trade Omer Bolat affirmed that Vietnam is Turkey’s leading trade partner in Asia-Pacific and an attractive destination for Turkish investors after the first successful investment projects in the Southeast Asian country. He announced the Vietnam visit by the Turkish businesses in 2024.

Overview of the meeting. Photo: Nhat Bac/VGP