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Vietnam Today

Vietnam & Turkey seek to boost bilateral trade

Released at: 10:31, 24/08/2017

Vietnam & Turkey seek to boost bilateral trade

PM Nguyen Xuan Phuc (R) and Turkish PM Binali Yildirim (Photo: VGP)

Two sides express their determination to raise two-way trade to $4 billion by 2020 during Turkish Prime Minister's visit to Vietnam from August 22 to 24.

by Nguyen Quoc

Prime Minister Nguyen Xuan Phuc and Turkish Prime Minister Binali Yildirim, who is visiting Vietnam from August 22 to 24, held talks in Hanoi on August 23.

The two focused their discussions on measures to boost trade and investment cooperation between the two countries and expressed their determination to raise two-way trade to $4 billion by 2020.

Prime Minister Phuc said he hopes that enterprises in Vietnam and Turkey will make use of their meetings during this visit to boost trade, investment, people-to-people exchanges, and tourism.

He proposed that Turkey recognize Vietnam’s market economy soon and asked it to remove a number of unreasonable taxes and fees on Vietnamese products such as footwear, fiber, belts, air conditioners, and mobile phones.

The two sides agreed to work closely to enhance cooperation in transportation, especially aviation and maritime, as well as science and technology, culture and education, security and defense, and people-to-people diplomacy.

Prime Minister Yildirim suggested the two countries provide student scholarships and encourage students to study each other’s language and culture.

The two agreed to collaborate closely to organize activities to celebrate the 40th anniversary of bilateral diplomatic ties, in 2018.

Following the talks, the two Prime Ministers witnessed the signing of an agreement between the Ministry of Finance and Turkey’s Ministry of Customs and Trade on administrative cooperation and support in customs, and an MoU between the Ministry of Planning and Investment and the Turkish Ministry of Economy on a partnership in developing export processing and economic zones. The Directorate for Standards, Metrology and Quality and the Turkish Standards Institution also signed a cooperation plan for the 2018-2018 period.

Vietnam and Turkey set up diplomatic relations on June 7, 1978. In February 1997, Turkey established an embassy in Hanoi. In October 1999, Vietnam opened a Trade Representative Office in Istanbul and in July 2002 opened a Consulate, also in Istanbul. The Consulate was upgraded to an embassy and moved to the capital, Ankara, in October 2003.

Turkey is Vietnam’s leading trade partner in the Middle East. Two-way trade reached $1.51 billion last year, with Vietnam earning $1.36 billion from exports. Turkish enterprises are currently running 15 projects worth $704 million in Vietnam, ranking the country 26th among foreign investors in the country.

In June last year, Turkish Airlines opened a route connecting Hanoi and Istanbul through Ho Chi Minh City, with seven flights a week. The two countries earlier signed agreements on aviation and maritime transportation and double tax avoidance.

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