Vietnamese businesses should be wise to explore opportunities beyond the US and the EU and recognise the potential of emerging partners like Iran.
Vietnam Chamber of Commerce and Industry (VCCI) Ho Chi Minh City Director Vo Tan Thanh made the recommendation at a Vietnam-Iran trade seminar in the city on October 22.
The event attracted representatives from almost 20 visiting Iranian businesses operating in industry, construction and construction materials, electronic components, garments, import-export, banking, services, healthcare, and cosmetics.
Experts noted expanding economic cooperation between Vietnam and Iran requires removing regulatory barriers in finance and banking. In addition to macro-solutions like legitimising domestic currency transactions and bartering, the two countries’ business communities must be more proactive.
Iranian ambassador to Vietnam Hossent Alvandi said official visit exchanges play an important role in linking businesses across international borders. Iran and Vietnam should increase trade and investment promotion with greater efficiency, minimising the intermediary expenses interested businesses are currently forced to bear.
Iranian consumer demand is surging for imported seafood, agricultural produce, footwear, motorbike spare parts, and mobile phones. Its businesses are looking to cooperate in refining oil, construction, and agriculture.
Two-way trade turnover has boomed from US$6.5 million in 2001 to nearly US$185 million in 2011.
In 2012, Iran poured US$10,000 into a single project in Vietnam. The Vietnam National Oil and Gas Group has conducted an Iranian oil exploration project worth US$115 million and completed preliminaries for an oil exploitation project worth US$1 billion.