Viet Nam eyes co-operation with Turkey

Speaking to the press, Vo Tan Thanh, director of the Viet Nam Chamber of Commerce and Industry (VCCI) in HCM City, said Viet Nam and Turkey had good relations in many areas, including business and culture.

In the last few years, trade turnover between the two countries has risen considerably, with Viet Nam enjoying a trade surplus.

Despite the healthy trade growth, Thanh, as well as Ali Riza Oktay from the Turkish Ministry of Economy, agreed that the potential between the two countries remained largely untapped.

Investment in each other’s markets was still low, Thanh said.

"Apart from the Governments of the two sides, Vietnamese and Turkish enterprises should make more efforts to boost economic co-operation," he said.

Ali Riza Oktay said he hoped that the business-matching event with local business leaders would strengthen co-operation between the two countries’ business communities.

Thanh said the two countries have signed important co-operation agreements, including a bilateral trade agreement, Agreement on Trade, Economic and Technological Cooperation, Agreement on Cultural, Scientific and Educational Cooperation and Agreement on Cooperation in Tourism.

Viet Nam’s exports to Turkey reached US$862.7 million last year, a year-on-year increase of 11.75 per cent. The figure was $219.25 million in the first three months of the year, up 18.73 per cent from the same period last year.

Viet Nam exports to Turkey mainly textile yarns, mobile phones and accessories, apparel, computers, electronic products, plastic and rice.

Viet Nam last year spent $90.1 million to import machinery and equipment, pharmaceutical raw materials, medicines, chemicals and other products from Turkey, an increase of 12.64 per cent over the same period last year.

In the last 30 years, Turkey has achieved considerable growth in electrical, electronics and IT sectors, with the sector’s export revenue increasing strongly, reaching $12.13 billion last year.

Fatih Kemal, chairman of the board of Istanbul Electrical, Electronics, Machinery and Information Technology Exporters Association (TET), said his association’s members wanted to seek co-operation with Vietnamese companies in the electronics and IT sector.

Turkey and Viet Nam are currently considering signing a number of agreements, including Agreements on the Reciprocal Encouragement and Protection of Investments and Prevention of Double Taxation, Thanh said.

"Once these agreement are signed, it is expected to open up great opportunities that will enhance investment and trade between the two countries," he said.

The event was co-organised by TET, VCCI and the Embassy of the Republic of Turkey in Viet Nam.