Workers arrange fibre products for export at Dong Van 1 Industrial Park in Ha Nam Province. Viet Nam and Turkey have set a target of doubling bilateral trade to $3 billion this year. — VNA/VNS Photo Tran Tuan

HCM CITY (Biz Hub) — Viet Nam and Turkey have set themselves a target of doubling bilateral trade to US$3 billion this year, according to the Viet Nam Chamber of Commerce and Industry (VCCI).

Speaking at a business meeting in HCM City yesterday, Nguyen The Hung, deputy director of VCCI's HCM City office, said trade between the two countries had grown rapidly in the past few years, reaching $1.5 billion last year, with Viet Nam enjoying a surplus.

Viet Nam exports mainly mobile phones and accessories, fibres and yarns, computers, electronic products and accessories, fabric, and rubber, and imports machinery and equipment, milk and milk products, medicines, plastic products, and chemicals from Turkey.

Ozcan Dogu Kaya, board member of the Istanbul Chemicals and Chemical Products Exporters Association, said: "For some products, we see a well-established collaboration. For example, in the case of manmade filaments, Turkey accounted for 23 per cent of Viet Nam's exports in 2014, and in the case of staple fibres, 15.6 per cent. This trade has gradually increased over the recent years."

Hung said, "Although there is rapid growth in trade ties, it is still far from our potential."

Kaya said there is great potential for co-operation in many sectors between businesses in the two countries.

Citing the example of pharmaceutical products, he said: "Turkey is a growing exporter and Viet Nam is a significant and growing importer from India as well as Europe. We see only small trade between our countries.

"In [the case of] taps and valves, both Turkey's global exports and Viet Nam's global imports have almost doubled between 2008 and 2014 to $600 million and $400 million respectively, but trade between Turkey and Viet Nam is stuck at about 0.1 per cent of these numbers."

As for investment, Turkey ranks 25th out of 110 countries and territories investing in Viet Nam with $730 million in 13 projects.

Hung hoped that the business-matching event would strengthen co-operation between the two nations' business communities.

The two sides have signed many significant agreements such as the Air Service Transit Agreement, the Marine Agreement, Agreement on Promotion and Protection of Bilateral Investment, Agreement on Avoiding Double Taxation and others to help push trade and investment ties further, he said.

The meeting was attended by executives from 14 Turkish companies and more than 70 of their Vietnamese counterparts, and they explored business opportunities.

The visiting executives are from sectors like machinery and equipment manufacturing, air conditioning, food and beverages, specialised vehicles, electronic products.

Speaking to Viet Nam News, Nguyen Tri Thong, director of Lap Nguyen Corporation, said he attended the event to find out about importing energy saving products for distribution.

The event was organised by the VCCI in collaboration with the Turkish Exporters Assembly and support from the Turkish embassy. — VNS