Monday , June 24 2024

Vietnam seeks free trade pact with Turkey: PM

Prime Minister Pham Minh Chinh wants Turkey to start negotiating a free trade agreement with Vietnam to establish a deeper trade partnership between the two countries.

The Vietnam PM stated his request in a meeting with Turkey Minister of Trade Omer Bolat in Ankara Wednesday as he began a two-day official visit in the country.

Apart from starting an FTA negotiation, Chinh also wanted the eighth meeting of the Vietnam–Turkey Intergovernmental Committee to be held in Ankara in 2024 to boost trade activites.

Both countries should create favorable conditions for trade and remove trade protection measures with one another, he added.

Bolat said that Vietnam is one of Turkey’s top economic partner in Asia Pacific, and there is an increasing number of Turkish companies showing interests in Vietnam, especially in the sectors of construction, manufacturing and consumer goods.

A delegate of Turkish businesspeople is set to visit Vietnam next year, he said.

Vietnam and Turkey established diplomatic relations in 1978 and the two countries have maintained friendly and cooperative relations in various aspects.

Turkey is one of Vietnam’s leading trading partners in the Middle East and serves as a gateway for Vietnam to export to the Middle East and Southern Europe markets.

The bilateral trade turnover in 2022 exceeded $2 billion, with Vietnam exporting $1.6 billion.

As of October, Turkey has 36 active investment projects in Vietnam with a total registered capital of $974.3 million, ranking 26th out of 143 countries and territories with investment projects in Vietnam.

In August, Turkish firm IC Ictas – leading the Vietur Consortium – won the contract for the construction of a passenger terminal worth VND35 trillion at Long Thanh International Airport.

Up to now, Vietnam has signed 17 bilateral and multilateral trade agreements.

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