The bilateral trade reached over US$265 million in 2013, with the main Vietnamese exports being seafood, coffee, tea, rubber tyres, wood pulp, packaging machinery and diesel and semi-diesel engines.— File Photo

HA NOI (Biz Hub) — The Vietnamese and Iranian governments as well as the business communities from the two nations need to accelerate bilateral cooperation in the future.

The participants of a conference held in Ha Noi yesterday also agreed that the bilateral relations, especially in trade and investment, are yet to match the two nations' potential and expectations, despite encouraging results over the past years.

Habibollah Pour Motahar, deputy head of mission and counsellor at the Embassy of the Islamic Republic of Iran, said a huge part of the two-way trade was currently done through third countries, leading to an increase in prices of the goods.

He emphasised the importance of reducing intermediate trade costs and launching direct flights and shipping lines to facilitate trade and decrease transport costs.

In term of investment, he suggested that businesses should establish joint-ventures, particularly in energy, petroleum, petrochemical, agriculture, IT and construction. The medical and pharmaceutical sector, seafood, apparel, education and tourism were also promising areas for bilateral cooperation, he said.

Le Thai Hoa, deputy head of Africa, West Asia and South Asia Market Department under the Ministry of Industry and Trade, called on the two governments to ink agreements on taxes, tourism and customs soon, as a move to facilitate bilateral cooperation between businesses.

Fostering of the exchange of trade and investment policies and import-export regulations as well as supporting firms in seeking partners should be included, Hoa said.

He added that businesses should take the initiative of joining trade and investment promotion programmes, business conferences, trade fairs and exhibitions in both countries to seek cooperation opportunities while diversifying their export products.

According to Motahar, the bilateral trade reached over US$265 million in 2013, with the main Vietnamese exports being seafood, coffee, tea, rubber tyres, wood pulp, packaging machinery and diesel and semi-diesel engines.

Deputy Head of the Viet Nam Chamber of Commerce and Industry (VCCI)'s International Relations Department Nguyen Ngoc Thang said VCCI would organise a week-long trip for domestic companies to seek business opportunities in Iran in mid-August.

Thang described the upcoming event as a good opportunity for the firms to update themselves on market demand to boost their exports and establish new trade and investment partnerships. — VNS