The meeting was held on the eve of the visit of Parliament Speaker of Vietnam to Tehran. In the meeting both sides discusses trade plannings in relation with the upcoming visit of Parliament Speaker of Vietnam to Tehran and his meeting with Iranian traders.

It was decided a list of traders of the two countries is prepared and invited to a business forum which will be held concurrent with the visit of Vietnamese official to Tehran.

The issues of preparing the preferential trade agreement and barter were of major issues which were discussed in the meeting between Zeyghami and Huy.

Vietnamese diplomat pointed to Iran’s trade in the form of barter and asked Iran to share its experiences with Vietnam.

Zeyghami also pointed to holding of the joint economic commission of both countries which happened 5 years ago and called for holding the new meeting of the commission which was welcomed by the Vietnamese diplomat.

The post Tehran, Hanoi Confer Ways to Boost Bilateral Trade appeared first on Iran News Daily.

During the meeting which was held at the place of ICCIMA in Tehran, the two sides discussed ways to develop trade between the two countries and remove the obstacles and problems facing it.

Also, during a meeting at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in previous week, the representatives of the private sectors of Iran and Vietnam discussed the ways of developing trade between the two sides.

Assadi made the remarks in a meeting in Tehran with Head of the Trade Office of the Vietnamese Embassy in Tehran Nguyen Thanh Long where the two sides explored avenues for promotion of bilateral trade and removing the obstacles on this way.

Exercising barter trade requires a specific mechanism, she said, adding that such a mechanism has to be defined by trade promotion organizations and central banks of both countries.

Assadi called on the Vietnamese side to propose a list of items for barter trade with Iran.

She said that private sector actors of Iran and Vietnam can engage in a bilateral or trilateral barter trade system in which two companies supply each other with the commodities needed by one another or supply the needs of a third company.

Elaborating on the scheme, she said that, for instance, an Iranian company supplies a Vietnamese company with its needs and the Vietnamese companies provides another Iranian companies with its required commodities, while the second Iranian company pays the costs to the first Iranian company on behalf of the Vietnamese company.

The Vietnamese side Nguyen Long, said in the meantime that his country attaches special significance to trade with Iran although this trade has to take place amid the Western sanctions on Tehran.

Long said that experiences of trade with other countries, particularly Iran’s neighboring countries, can prove helpful in finding solutions and devising mechanisms for trade with Iran.

He added that trade with Iran is very important for Vietnam although the trade should be continued while Tehran is under sanctions.

He added that using the trade experience of other countries as well as Iran’s neighboring countries can lead to find solutions for determining mechanisms for trade and barter of goods with Iran.

He reiterated that whenever a Vietnamese trade delegation arrives in Tehran, it tries to exchange information for boosting interaction between businessmen of the two countries.

The post Tehran Calls for Barter Trade With Hanoi appeared first on Iran News Daily.

The Vietnamese trade delegation led by Firs Secretary and Commercial Attache of Embassy of Vietnam in Tehran Mr. Nguyen Tien Dung attended the ICCIMA and exchanged views with their Iranian counterparts.

In the meeting, Shahram Khasipoor, director of Arab and Africa Department of the ICCIMA said that Vietnam’s economy is moving ahead and it experiences growth and last year the country experienced 8% growth while the trade volume of the country in the past year has increased by 10%.

He added that according to the statistics, the trade volume between Iran and Vietnam is around $15m that Vietnam’s export to Iran is valued at $96m while in return Iran’s export is $45m, admitting that the figure is not good considering the good existing capacities.

Khasipoor called for boosting cooperation in trade especially in the fields of tropical fruits, coffee, dried fruits and apple and both countries can cooperate in the construction materials, medicines and sea products as well as technical and engineering services that Iran has good capacity.

He added that both countries can increase their trade to $2b and to this end, governments of both countries should provide some required infrastructures and finding a monetary mechanism as well as launching regular shipping lines and flights between the two countries.

He also said that exchange of information is very important and announced readiness of ICCIMA in this regard.

Then Mr. Dung, for his part, pointed to the negative impacts of COVID-19 pandemic and expressed his satisfaction over continuity of trade activities between Iran and Vietnam and said that last year both countries witnessed their highest bilateral trade till now which was around $125m and noted that Embassy of Vietnam in Tehran looks a ICCIMA as a link for connecting traders of the two countries which can pave the ground fir increasing trade exchange between Tehran and Hanoi.

Then Head of Iran-Vietnam Joint Chamber of Commerce Mr. Sajed Nikmehr expressed the efforts of the chamber for increasing the trade between the two states especially in the field of tourism. And said Iran can focus on cooperating in construction materials in Vietnam.

The post Tehran, Hanoi Seek Broadening Trade Ties by Removing Legal Hurdles appeared first on Iran News Daily.

In the webinar which was held due to efforts of Iran’s Ambassador to Vietnam Mr. Ali Akbar Nazari and Director General of IAMES Mr. Le Phuoc Mineh on cooperation opportunities in the field of halal, Mr. Nazari, Mr. Phuoc Mineh, Secretary General of ICRIC Mr. Mohammad Reza Karbasi, Senior Advisor to ICRICMr. Shojaee, Technica director of ICRIC Mr. Eskandari, Founder of Halal Center of Vietnam Mr. Ramlan Osman were present.

In the webinar, Director Gneral of IAMES Phuoc Mineh said that the issue of halal industry in Vietnam is pursued seriously, adding that Vietnam is planning a 10-year strategy in the halal industry which will be signed into effect by the prime ministry and currently specially in north Vietnam, there is no correct understanding and cognizance about the halal products, and providing these products in stores are not easily possible.

Then Iran’s Ambassador to Vietnam Mr. Nazari pointed to the high and growing capacity of halal products in the global market as well as growing population of Muslims in South and West Asia and North Africa. He added that according to statistics, costs which are spent for halal products was 1.3% of total $4.1b 4.in 2020 and it is predicted that this figure will reach $9.1 trillion in 2024 and $15b in 2050.

He went on to say that halal is not today limited to food and there is a vast range of products like in cosmetics and medicines and these products have very positive impact on developing the tourism industry, economy and marketing services in Vietnam.

Nazari noted that Vietnam is interested in increasing its halal products to halal market especially in West Asia, adding that Iran due to its 90m population whose majority is Muslim is a good market for halal products of Vietnam and Iran also has excellent experience and knowledge in the field of halal.

He added that every year some 50 Vietnamese companies get certificate for halal products while only products of 20 companies of this country are exported. He announced readiness of Iran for developing Vietnam’s halal market into the country and halal market through holding necessary grounds like signing agreement, holding seminar, training and sharing experiences and certificates of halal.

Meanwhile Founder of Halal Center of Vietnam Mr. Ramlan Osman said that there is no certain understanding about the meaning of halal in Vietnam and only the looks are directed at the logo of halal while using the principles of sharia in making a product halal is very necessary. He added that due to the experiences of the OIC members especially Iran in this field, he called for cooperation with Tehran for broadening cognizance and knowledge about halal products in Vietnam.

Then Secretary General of ICRIC Mr. Karbassi said that halal industry is expanding in the world and it is predicted that the value of global halal market would reach $2 trillion in 2027 and Iran ranked 6th in the world in 2020 in producing halal food among Muslim and non-Muslim states.

He then pointed to imports of $348b of goods by Vietnam and said that import from Iran accounts for $81m of the total amount of Vietnam’s imports, and only $15m belongs to import of food. Karbasi noted that Vietnam’s exports are valued at $418b and $43m of the amount is Iran-bound and $34m of it belongs to exporting food products to Iran.

He added that major part of trade between the two countries is foodstuff and there are other grounds in the halal field for cooperation between the two states.

Karbasi also called for establishment of ICRIC office in Vietnam and raised the issue of signing MoU on cooperation in the fields of inspecting halal food producers and exchange of information in the field of OIC halal standards.

Then Mineh welcomed the suggestion for signing MoU and exchange of information and emphasized sharing experience of Iranians in halal products for implementing a national plan in Vietnam, added that launching halal restaurants and halal tourism in Vietnam are on the agenda of Halal Center of Vietnam.

The post Tehran, Hanoi to Cooperate on Halal Trade appeared first on Iran News Daily.

“An important measure for increasing trade between the two countries is to start negotiations for signing a preferential trade agreement; such an agreement is underway with Indonesia and we hope that with the necessary follow-ups, it will also be signed and implemented between Iran and Vietnam,” Peyman-Pak said at the meeting.

The TPO head pointed out that his meeting with Luong Quoc Huy could be a prelude to expanding cooperation between Iran and Vietnam, saying: “The value of trade between the two countries is currently $120 million, which is not an acceptable figure and should be increased in the future with the development of cooperation.”

Pointing out that the low volume of trade between the two sides has various reasons that should be identified and resolved, the official added: “Currently, the businessmen of the two countries do not have sufficient knowledge of each other’s capacities and effective measures and planning should be done in this regard so that we can improve the space for the development of trade between the two sides.”

The TPO head emphasized that the trade between the two countries should increase at least to two billion dollars and continued: “The first step in this direction is to hold a joint economic committee meeting to activate previously reached agreements because four years have passed since the last meeting of the two countries’ Joint Economic Committee was held.”

It is necessary to hold coordination meetings in this regard as soon as possible, Peyman-Pak stressed.

He pointed to exchanging trade delegations between the two countries as the second step toward improving mutual trade relations and said: “If these exchanges are planned and carried out in a coherent and logical manner, favorable trade agreements will be concluded between the parties.”

Referring to the fact that delegations can be exchanged concurrently with holding various exhibitions in both countries, Peyman-Pak emphasized that an agreement should be signed with corresponding entities in Vietnam to manage such affairs.

The head of Iran’s Trade Promotion Organization further pointed to the establishment of a barter trade mechanism between the two countries as another important measure that could be taken for the development and expansion of mutual commercial cooperation, saying: “There are products in both countries that are needed by the other side, and with a barter trade mechanism, such products can be exchanged easily, leading to more exports for both sides.”

Further in the talks, Luong Quoc Huy, in his turn, welcomed the ideas and suggestions offered by Peyman-Pak and emphasized that the implementation of the mentioned agreements would play a direct role in the development of economic cooperation between the two countries.

He went on to point out that in the first seven months of 2022 and after the end of the Covid-19 pandemic, all business and production fields of Vietnam have returned to normal operation, adding: “The country’s economic situation has stabilized and inflation is under control; Currently, Vietnam’s trade balance with other countries stands at $431 billion and the country has a great potential to have economic cooperation with Iran as well.”

The ambassador mentioned Iran as Vietnam’s biggest trade partner in West, South East, and East Asia and considered the Islamic Republic as a gateway for the export of Vietnamese products to Europe.

The post Tehran, Hanoi Call for Preferential Trade Agreement appeared first on Iran News Daily.

Speaking to the ICCIMA website, Mousavi said Vietnam is an industrial country with appropriate economic growth, adding that trade capacities and joint investment with this country are very diverse, reiterating that restoring direct trade relationship with this country and eliminating the intermediary countries, it requires an agreement on preferential tariffs to be signed between Iran and Vietnam.

He said taking advantage of the capacity of commercial counselors in countries like Vietnam is necessary for Iran, adding he believes in the sanctions era, commercial attaches need to be placed out of the embassies to ease contacts.

Mousavi pointed to the effective role of commercial attaches, saying they can pave the ground for the presence of Iranian investors and traders in the target countries and markets.

He also raised the suggestion for launching the trade center by the private sector in Hanoi, the capital city of Vietnam, and noted that such a center is very effective in Vietnam because this country enjoys very considerable capacities in exports and imports especially with Iran that it can be a good provider for foodstuff and raw material for production in Vietnam.

This economic activist described Vietnam as a cautious country interested in cooperation with Iran and pointed to Vietnam’s abstentin in the United Nations Security Council voting against Iran regarding arms embargo. He added that Vietnam’s abstention was very significant politically because indeed it was against the U.S. and in favor of Iran although in a cautious way, and the fact Vietnam by this vote showed that it is not after tension in the world.

Mousavi went on to say that Iran’s exports to Vietnam were around $27m in 2018 and its imports stood at $183m in the same period. He noted that in the early days after the JCPOA, Iran’s trade with Vietnam soared and hit $500b.

He also pointed to the significant decline in trade exchanges between Iran and Vietnam due to the sanctions and coronavirus pandemic, adding that currently and according to the official balance, the trade balance is in favor of Iran and it is positive but he believes the trade balance with Vietnam is negative because a huge amount of Vietnam’s exports to Iran have entered the country via the third party country especially via the UAE.

Mousavi added that to restore direct trade ties between the two countries and eliminating middlemen and the third party countries, Iran and Vietnam have better sign an agreement on preferential tariffs, and in this case, the goods will be imported with more suitable prices and the volume of Iran’s exports to Vietnam will also grow.

He said by probable removing the sanctions by the new U.S. President, Iran can sign this agreement with Vietnam and the trade level between the two states can be enhanced.

Mousavi stated that Iran can export fruits to Vietnam and in return, it can enjoy Vietnam’s new irrigation methods and joint investment. He reiterated that the quality of Vietnamese goods is one of the best in East Asia and all famous brands in this country are grade one and there is no low quality.

He went on to say that Vietnam is a location for re-export of dried-fruits to Laos, Cambodia, and China, and therefore Iran can cooperate with Vietnam both on dried-fruits and raw materials of petrochemicals.

The post Preferential Tariffs to Boost Trade Level Between Tehran and Hanoi appeared first on Iran News Daily.

IRAN NEWS ECONOMIC DESK

TEHRAN – Iran Chamber of Commerce, Industry, Mine and Agriculture (ICCIMA) in cooperation with Iran-Vietnam Joint Chamber of Commerce is to hold a webinar on Wednesday, January 6 where participants are to explore ways to boost trade.

According to the reports, the webinar is to review and explore opportunities, challenges and hurdles in way of cooperation between private sectors of Iran and Vietnam.

The webinar will also seek ways for easing the arrival of Iranian companies into Vietnam’s market.

Representatives of provincial chambers of commerce and business activists are to participate in the webinar.

The post Tehran, Hanoi to Hold Webinar on Boosting Trade appeared first on Iran News Daily.

The post Iranian, Vietnamese parl. speakers stress expanding bilateral ties appeared first on Iran News Daily.