Bilateral ties between Viet Nam and Turkey have room to expand, Deputy Prime Minister Vuong Dinh Hue told a business conference held on Thursday in Ha Noi.

Viet Nam attaches importance to developing collaboration with Turkey, which is Viet Nam’s leading trading partner in the Middle East, Hue said.

Two-way trade stood at nearly US$2 billion in 2016 and is growing fast towards the goal of $4 billion in 2020. Currently, Turkish investors run 13 projects valued at $730 million in Việt Nam.

Besides trade and investment, he also outlined industry, agriculture, mining, oil and gas, maritime, supporting industry, human resources, training and tourism as other promising sectors for co-operation.

The Deputy PM encouraged firms from the two countries to lead in carrying out bilateral economic-trade co-operation agreements while vowing to facilitate Turkish enterprises to operate in Viet Nam.

During his speech at the event, Turkish Prime Minister Binali Yildirim said Viet Nam and Turkey share common aspirations for economic co-operation expansion, in which the two business communities should play the biggest role.

The two governments will remove barriers and open up opportunities for businesses, the PM said, adding that the two countries need a free trade agreement to promote connections between the two business communities.

The legal corridor should be more open and transparent to support the enterprises, he noted.

Turkish businesses have begun to study the Vietnamese market, intending to invest in infrastructure and healthcare, fields in which they have a wealth of experience, he added.

Despite rapid expansion in recent years, two-way economic ties remain far below potential, said the Viet Nam Chamber of Commerce and Industry (VCCI) vice chairman Doan Duy Khuong.

Last year, trade hit US$2 billion, from $1 billion in 2012, with Viet Nam’s main export items being mobile phones and accessories, fibre and yarn, computers, electronic products and accessories, fabric, and rubber.

In the first five months of this year, Viet Nam shipped $640 million worth of goods to Turkey, up 20 per cent year-on-year.

Khuong hoped that the forum, which was attended by nearly 200 businesses including 70 Turkish companies, will help the two sides explore business opportunities, especially in infrastructure development, agro-forestry-fisheries, petrochemicals, renewable energy and health care.

The forum was held by the VCCI and the Foreign Economic Relations Board of Turkey (DEIK) on the occasion of the official visit of the Turkish Prime Minister to Viet Nam. It was also attended by Vietnamese Prime Minister Nguyen Xuan Phuc. — VNS