Vietnam and Pakistan Set Sights on Boosting Bilateral Trade to $1 Billion, Eye $10 Billion in Future
Vietnam and Pakistan are working together to significantly increase bilateral trade, with an initial target of reaching $1 billion and ambitious plans to eventually boost this figure to $10 billion. Progress towards these goals was highlighted during recent high-level meetings and diplomatic efforts, as both nations seek to expand economic cooperation across multiple sectors.
The drive for deeper economic ties was emphasized by the Ambassador of Vietnam, Pham Anh Tuan, who shared these developments in an interview marking the 80th anniversary of his country’s National Day. The two countries are actively negotiating a Preferential Trade Agreement (PTA) or a Free Trade Agreement (FTA), which is expected to help achieve the $1 billion trade milestone. This target was jointly set by Prime Minister Pham Minh Chinh of Vietnam and Prime Minister Shehbaz Sharif of Pakistan during a meeting at the Future Investment Initiative Summit in Saudi Arabia.
Recent months have seen renewed diplomatic engagement between the two nations. Federal Minister for Commerce Jam Kamal Khan’s visit to Vietnam marked the first senior Pakistani ministerial visit in 15 years, coinciding with the fifth meeting of the Joint Trade Committee in Hanoi—an institutional forum revived after an eight-year hiatus. On the sidelines of the ASEAN Regional Forum in Kuala Lumpur, Pakistan’s Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar also met with his Vietnamese counterpart, Bui Thanh Son.
Trade between the two countries has grown steadily, rising from $514 million in 2021 to approximately $850 million in 2024—a 20 percent increase over the previous year. The first half of 2025 has already seen trade volumes hit $402 million, showing 28 percent growth compared to the same period last year. Both countries see potential for further expansion, particularly in sectors such as industry, agriculture, chemicals, pharmaceuticals, electronics, and information technology.
Ambassador Pham Anh Tuan outlined several measures to further promote bilateral cooperation, including continued negotiations for trade agreements, increasing the frequency of business and working-level exchanges, organizing trade fairs, and considering the launch of direct flights to facilitate trade and tourism.
Beyond economic ties, Vietnam and Pakistan have also fostered growing people-to-people connections. These include recent cultural and academic exchanges such as Buddhist studies programs, photo exhibitions about Pakistan in Vietnam, and Vietnamese fashion shows hosted in Pakistan. Both nations’ embassies have signed a memorandum of understanding to strengthen cooperation across all fields, with a particular focus on facilitating high-level delegation exchanges and ensuring effective implementation of agreements.
Highlighting the longstanding relationship between the two countries, Ambassador Pham Anh Tuan noted that for over five decades, Vietnam and Pakistan have built a friendship rooted in mutual respect, understanding, and shared aspirations for economic development and regional integration. Both sides remain committed to expanding this multifaceted partnership for the benefit of their people.
