Vietnam and Pakistan have set an ambitious target to increase bilateral trade to $1 billion, with a long-term goal of reaching $10 billion. The move follows high-level discussions between Prime Minister Pham Minh Chinh of Vietnam and Prime Minister Shehbaz Sharif of Pakistan, as well as renewed commitment from both sides to deepen economic, political, and cultural ties.
Vietnam’s Ambassador to Pakistan, Pham Anh Tuan, highlighted these goals in a recent interview marking the 80th anniversary of Vietnam’s National Day. He emphasized that the two countries are actively negotiating a Preferential Trade Agreement or Free Trade Agreement, which is expected to pave the way for reaching the first $1 billion trade milestone and lay the foundation for a larger $10 billion target.
Efforts to strengthen economic relations have included increased diplomatic engagement. Pakistani Commerce Minister Jam Kamal Khan conducted the first high-level ministerial visit to Vietnam in 15 years, resulting in the reactivation of the Joint Trade Committee after an eight-year gap. Additionally, senior officials from both countries have met on the sidelines of international forums to discuss further cooperation.
Trade volumes between the two nations have shown significant growth in recent years. Bilateral trade reached $850 million in 2024, a more than 20 percent increase from the previous year and up from $514 million in 2021. The first half of 2025 saw trade expand to $402 million, representing a 28 percent year-on-year rise. Both governments see considerable potential for further expansion, particularly in sectors such as industrial products, agriculture, chemicals, pharmaceuticals, electronics, and information technology.
Ambassador Pham Anh Tuan stressed the importance of facilitating business exchanges and expressed hope that initiatives like organizing trade fairs, increasing delegation visits, and launching direct flights between the two countries will further enhance trade and tourism.
Beyond economic collaboration, people-to-people ties between Vietnam and Pakistan have also flourished through cultural and educational exchanges. These include joint activities in Buddhist studies, photo exhibitions, and fashion shows showcasing each country’s heritage.
Recently, the embassies of both countries signed a memorandum of understanding to promote cooperation in all areas, including increased high-level visits and the implementation of signed agreements.
Both governments view their 53-year relationship as a partnership based on respect, trust, and shared interests in economic development and regional integration. The foundation laid by past cooperation supports their mutual aspirations for growth and deeper engagement in the years ahead.
