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Wednesday, June 19, 2024

Western Asian investors seek business opportunities in Vietnam

The Saigon Times

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HCMC – Many businesses in West Asia are exploring opportunities to invest in Vietnam, particularly in the fields of agriculture and tourism.

This information was shared by Orkhan Mammadov, chairman of the Small and Medium Business Development Agency of Azerbaijan, at the “Global Business and Investment Forum” organized by the Vietnam National StartUp Association on May 30.

In 2022, bilateral trade between Vietnam and Azerbaijan reached US$702.5 million, a significant increase of 730% compared to the previous year.

“However, the import-export turnover between the two countries is still limited. Therefore, we hope to further boost cooperation with Vietnamese enterprises, particularly in the fields of agriculture and tourism,” Mammadov said.

The forum also featured businesses from Kazakhstan and Turkey.

In 2023, trade turnover between Vietnam and Kazakhstan was US$401.8 million. Vietnam’s exports to Kazakhstan amounted to US$391.0 million, while imports from Kazakhstan to Vietnam stood at US$10.8 million.

Kazakhstan is Vietnam’s second largest trade partner within the Asia-Europe Economic Union, and Vietnam is Kazakhstan’s second largest trade partner in ASEAN after Singapore.

For Turkey, the inauguration of two direct routes by Turkish Airlines from Hanoi and Ho Chi Minh City to Istanbul in 2016 has created opportunities to promote long-term cooperation between the two countries.

At the forum, Tran Thanh Hai, deputy director of the Import-Export Department at the Ministry of Industry and Trade, stated that Vietnam possesses advantages and can promote the export of products such as phones, footwear, wooden furniture, iron and steel, rice, aquatic products, and tropical fruits.

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