TEHRAN (Iran News) According to IRNA, citing the Iran Chamber of Commerce, Industries, Mines and Agriculture, Mehdi Azadvari said at the association’s seasonal gathering that over the past three months the new board has succeeded in signing memoranda of understanding with domestic and international institutions aimed primarily at delivering effective services to association members.

He noted that cooperation with the Iran Financial Center, the World Business Organization, and several joint chambers of commerce has been defined within this framework, adding that negotiations with other joint and provincial chambers are also underway, centered on joint Iranian–foreign investment.

Azadvari described the association’s participation in the Kish Investment Exhibition as a turning point of the current term, emphasizing that it helped raise awareness of the association among economic actors.

Referring to the advantages of the Kish Free Zone—such as visa-free entry for foreign nationals—he said the area could become a major hub for hosting international investment events. In this regard, negotiations have been held with the Supreme Council of Free Zones and the Kish Free Zone Organization to sign joint memoranda of understanding.

Outlining the proposed framework of the association’s strategy, Azadvari said the document is still at the proposal stage and aims to position the association as a credible reference body in the development and support of joint investments between Iran and other countries.

He explained that the association’s core missions are defined across four pillars: expanding communications, providing advisory services, safeguarding members’ interests, and fulfilling social responsibility to strengthen Iran’s economic brand.

Azadvari listed attracting foreign investors, increasing joint projects, enhancing the quality of international cooperation, transferring technology, and improving Iran’s image in the investment environment as the association’s overarching goals. He stressed that achieving these objectives requires an operational plan, evaluation indicators, and transparent reporting to members.

He added that alongside international activities, the association has plans in place for specialized training, research, information dissemination, and engagement with government bodies to improve the business environment.

At the meeting, Hadi Shahpar, a member of the association’s Investment Committee, emphasized the concept of sustainable economic engagement, saying one of the weaknesses of Iran’s foreign trade is the episodic nature of its economic relations.

He said the Joint Investment Association seeks to establish long-term, structured relationships based on regional agreements and economic blocs.

Describing ASEAN countries—including Vietnam, Malaysia, Indonesia, Thailand, and Singapore—as major global economic hubs, Shahpar said Vietnam could play a pivotal role as Iran’s gateway to Southeast Asia.

Pointing to Vietnam’s sustained economic growth and the untapped potential in bilateral trade, he noted that despite more than five decades of diplomatic relations, the volume of trade between Iran and Vietnam does not reflect existing capacities. “Iran–Vietnam ”

He added that sectors such as construction materials, petrochemicals, technology, agriculture, and especially coffee are among the main areas of current cooperation, with numerous opportunities for expanding joint investment. “Iran–Vietnam ”

In another part of the meeting, Vietnam’s deputy ambassador and a representative of the country’s Ministry of Industry and Trade in Iran, referring to bilateral diplomatic ties and Iran’s capabilities in petrochemicals, agriculture, and advanced technologies, announced that Vietnam is ready to serve as a conduit for Iranian products and technologies to Southeast Asian markets. “Iran–Vietnam ”

It was emphasized that the Vietnamese embassy and the trade office of the Ministry of Industry and Trade in Iran are prepared to provide necessary facilitation and information to Iranian companies interested in entering the Vietnamese market.

At the conclusion of the meeting, association members raised questions and shared their views. It was agreed that practical cooperation between the Joint Investment Association and the Vietnamese embassy would be pursued to facilitate the presence of Iranian companies in Vietnam. The stated goal of these efforts is to increase Iran’s share in Vietnamese markets and strengthen sustainable economic ties between the two countries.

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The business forum dubbed “Regulations and policies for the development of economic, commercial and investment cooperation between Iran and Vietnam” was attended by senior officials from both sides including the ICCIMA Head Hossein Selahvarzi, Head of the Iranian Parliament’s Industry and Mining Committee Ezatollah Akbari Talar-Poshti, and President of the National Assembly of Vietnam Vuong Dinh Hue.

As reported by the ICCIMA portal, the 70-member delegation of representatives of the Asian country’s companies active in various sectors also attended the event to get to know their Iranian counterparts and discuss business opportunities.

Speaking at the meeting, Selahvarzi referred to the will of the governments of Iran and Vietnam to increase the level of economic relations, saying: “The private sectors of the two countries have the duty to find ways to strengthen relations and to provide proposals to the governments to facilitate the access of the two sides to each other’s markets. Of course, it is the duty of the governments to provide platforms for joint cooperation between the two sides through consultation.”

“Unfortunately, due to the sanctions against Iran, we are facing banking and transportation problems in international communication, and this challenge also exists in relation to Vietnam, but we have good experiences to deal with such problems and can find good ways to develop cooperation,” the ICCIMA head said.

Selahvarzi further pointed to the capabilities and capacities of the two countries to cooperate with each other and said: “Iran’s advantages in mineral, agricultural and food industries, tourism, engineering technical services, etc. have created favorable grounds for cooperation with Vietnam; and on the other hand, Vietnam is a hub for the production of electronic products and ancillary industries, and has high experience in this field, which is a good field for cooperation.”

“Considering such capacities, Iran and Vietnam can define significant joint projects in various fields like the transfer of technology and knowledge and the training of specialists,” he added.

The ICCIMA head also considered access to Iran’s neighboring countries as a good opportunity for joint activities between Iran and Vietnam.

He pointed to easing the banking and investment conditions and regulations and facilitating issuing visas between the two countries as measures that the governments can take to boost the level of trade and added: “The private sectors of Iran and Vietnam should have easy conditions in order to access the markets of the two countries.”

Elsewhere in the event, Vuong Dinh Hue emphasized the interest of the two countries to increase the level of trade relations, saying: “Fortunately, good agreements were signed during this trip and positive talks were held, which makes the prospect of trade relations between Iran and Vietnam promising.”

He noted that the officials of both countries emphasize complete support for their economic operators, adding that “Iran has made good progress despite the sanctions and economic problems and Iran’s economy continues to grow in the face of western pressures.”

“Considering the geographical location of Iran, the richness of Iranian culture, and the high economic capacity of this country, and on the other hand, considering the high influence of Vietnam in the East Asian region, two countries can have good economic cooperation with each other,” he stressed.

Later in the forum, the head of the Iranian Parliament’s Industry and Mining Committee underlined the significance of the presence of the president of the National Assembly of Vietnam in the ICCIMA and said: “ICCIMA plays an important role in the growth of international trade and the presence of this delegation in this forum can be considered as the beginning of extensive relations between the two countries.”

“The Iranian parliament’s Industry and Mining Committee is ready to prepare the ground for cooperation and provide what is necessary for the transfer of knowledge and technology with Vietnam,” Talar-Poshti noted.

Prior to the Iran-Vietnam business forum, Selahvarzi and Vuong Dinh Hue met and held talks, during which Selahvarzi called on the Vietnamese side to take the necessary measures for the establishment of a Vietnam-Iran Joint Chamber of Commerce in the country.

Mentioning the new methods that Iran is using to maintain trade with its partners despite the sanctions, the ICCIMA head said: “Iran’s private sector is fully prepared to find alternative solutions for the development of bilateral trade exchanges by using joint investments and forming a fund for barter trade.”

The president of Vietnam’s National Assembly arrived in Tehran on Tuesday morning, beginning his official visit to Iran at an invitation of Iran’s parliament speaker.

Hue’s trip has taken place on the occasion of the 50th anniversary of the establishment of diplomatic ties between Iran and Vietnam.

During a joint press conference between Vuong Dinh Hue and Mohammad Bagher Ghalibaf, Iran’s Parliament Speaker, on Tuesday, the Iranian side said that Iran and Vietnam have agreed to expand regional and international cooperation.

Ghalibaf said he had discussed various issues with Hue and the two have agreed to strengthen ties in several fields including economy, health, and diplomacy.

“During the meeting, we put great emphasis on cultural, scientific and touristic collaborations between the two nations. Both of us also emphasized the implementation of all previous agreements including economic ones. All the shortcomings of the past must be made up for and we should increase our level of cooperation,” the Iranian parliament speaker told reporters.

For his part, Hue invited Ghalibaf to pay an official visit to Vietnam. The two officials signed an MOU for parliamentary cooperation at the end of the conference.

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Director-General of the Asia-Pacific Office at Iran’s Trade Promotion Organization (TPO) Seyed Reza Seyed Aghazadeh said that un this webinar some issues like economic data and information on Vietnam, the condition of trade of Vietnam with the world, Iran-Vietnam trade relations, challenges for entering this market, the arrival of startups into the Vietnam market and target industries were of the major issues which were discussed in the webinar.

He added that in the past five years, the trade volume between Iran and Vietnam has been on average around $300m and Iran’s trade with this country has always been positive.

He noted that Vietnam’s foreign trade is around $500b that there is a balance between imports and exports of the country.

Seyed Aghazadeh noted that due to the sanctions and the U.S. sanctions, Iran’s trade with Vietnam has declined and the trade volume has slumped to $60m in nine months, as Iran’s share of this figure has been $36m.

“According to the official statistics, the worth of trade between the two countries stood at $352 million in the previous Iranian calendar year [1397], the figure, however, is not approved by the joint chamber, since due to the U.S. sanctions much of the two countries’ trade is done through third countries and is estimated to be around $700 million,” Mostafa Mousavi told ILNA.

The Asian country is eager for boosting its trade with Iran and considering the banking issues the two countries trade is mostly done through bartering, the official said.

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Speaking in an exclusive interview with Iran Daily, Mostafa Mousavi, the head of Iran-Vietnam Joint Chamber of Commerce, added annual trade between the two countries stood at $162 million in the year to March 2018.

Due to the re-imposition of Washington’s unilateral sanctions on Tehran and the obstacles they have created, he regretted, the figure declined during the first six months of the current Iranian year (March 21-September 22, 2019), predicting that annual trade between the two countries would suffer an up to 10 percent decrease by March 19, 2020.

In May 2018, US President Donald Trump unilaterally pulled the US out of the Joint Comprehensive Plan of Action, signed between Iran and the P5+1 in July 2015, and re-imposed Washington’s sanctions on Tehran.

Despite the problems US sanctions have caused, Mousavi expressed optimism that trade between the two countries can reach $1 billion in 12 months if they remove obstacles to their monetary transactions and banking relations, as they have appropriate capacities for expanding ties with each other.

“Although efforts are underway by the two countries to resolve problems besetting their banking transactions, our main emphasis is on barter under the present circumstances.”

Now that Tehran is under Washington’s sanctions, he added, cooperation with Vietnam can technologically help significantly improve the efficiency of Iranian production lines.

Describing Vietnam as East Asia’s trade hub, Iran Mousavi said that since the start of the trade war between China and the US, European states have concentrated on Vietnam and have established their technological and production bases in the Southeast Asian country.

At present, most of the world’s major cellphone and auto companies have set up production lines in Vietnam, Mousavi said.

Statistical analyses show that Vietnam has had the fastest economic growth (over seven percent) in the world over the past decade. In addition, the country posted the fastest growth among southeast Asian states in 2018.

According to a report by Bangkok Post, the Southeast Asian state’s GDP rose more than seven percent in 2018, which has been unprecedented in the past 10 years.

Since 1990, Vietnam has experienced, on average, a seven percent growth each year, managing to be the second country in the world, following China, to have posted a significant average annual economic growth.

Being among the world’s emerging economies, in case the country manages to maintain its average economic growth at its present level for 10 years, it can overtake China.

Regretting that Iranian firms are yet to develop sufficient knowledge about Vietnam’s economy, Mousavi described as relatively good the historical background of economic cooperation between the two countries.

“Most Iranians know Vietnam for its war with the US or the high-quality sports shoes produced in the country.”

However, he noted, the truth is that at present, Vietnam has much higher economic capacities compared to many other countries, making it a suitable option for Iran to expand economic cooperation with.

“Despite being a communist state, Vietnam has pursued an open economic policy over the past years and has made very good technological and economic advances.”

He said currently, the US is the target of 21 percent of Vietnam’s exports, which is indicative of the high quality and, at the same time, reasonable prices of Vietnamese products.

Mousavi added high-quality motherboards and other computer systems constitute the major part of overseas sales from Vietnam.

The country also has a high technological capability and broad background in manufacturing food production lines, he said.

Vietnam is almost an agricultural country, with such products constituting close to 37 percent of its annual exports.

Rice, coffee beans and spices are among the agricultural products exported by Vietnam. The southeast Asian country is the world’s second-biggest exporter of coffee beans, following Brazil, meeting 20 percent of the global demand for the product.

Mousavi said this comes as Vietnam can be a lucrative market for Iran’s overseas sales of aquatic animals, dried fruits, pistachio, and almond.

He added exports of Iranian products to Vietnam will be economical only if the country lowers the preferential tariffs it imposes on imports from Iran.

“Vietnam sets high preferential tariffs on importing a large number of products from Iran. This reduces the competitiveness of Iranian goods in the Vietnamese market.”

Vietnam imposes a five percent preferential tariff on its pistachio purchases from the US; the tariff it imposes on importing the same product from Iran stands at 43 percent, he said.

He also said that the same thing holds true about Vietnam’s imports of date and almond from Iran, saying it can be resolved through negotiations between the two countries’ officials.

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“According to the official statistics, the worth of trade between the two countries stood at $352 million in the previous Iranian calendar year [1397], the figure, however, is not approved by the joint chamber, since due to the U.S. sanctions much of the two countries’ trade is done through third countries and is estimated to be around $700 million,” Mostafa Mousavi told ILNA.

The Asian country is eager for boosting its trade with Iran and considering the banking issues the two countries trade is mostly done through bartering, the official said.

According to Mousavi, because of the sanctions most of Iran’s exports to Vietnam are being done through Turkey and Oman, while Vietnamese goods are imported through the UAE, which has led to not being mentioned in the official statistics of the two countries.

He further announced that Trade Promotion Organization (TPO) of Iran is going to hold the first Iran-Vietnam economic working group on January 5, in which the two countries are going to sign a memorandum of understanding for expansion of economic cooperation.

Vietnam is one of the world’s major producers of non-oil commodities and its products are of very high quality.

The country was the 45th exporter of goods to Iran during the past Iranian calendar year. The country mainly exported coffee, pepper, fish feed, and cellphones to Iran.

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