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Vietnam Today

Vietnam - Turkey business ties must expand

Released at: 14:06, 25/08/2017

Vietnam - Turkey business ties must expand

At the Vietnam - Turkey business forum, from left to right (front) : Deputy PM Vuong Dinh Hue, PM Binali Yildirim, PM Nguyen Xuan Phuc and a Turkish official. Photo: VGP

Trade and investment cooperation is a crucial pillar for the two countries to deepen bilateral ties, Deputy Prime Minister Vuong Dinh Hue told the Vietnam - Turkey Business Forum on August 24.

by Van Long

The Vietnam - Turkey Business Forum was held in Hanoi on August 24, attended by, among others,  Prime Minister Nguyen Xuan Phuc and Turkish Prime Minister Binali Yildirim, who is in Vietnam for an official visit from August 22 to 24.

Addressing the forum, Deputy Prime Minister Vuong Dinh Hue said that trade and investment cooperation is a crucial pillar for Vietnam and Turkey to deepen their bilateral ties for the prosperity of both.

He noted that Vietnam and Turkey share a number of similarities, with rapidly-growing economies that have integrated more deeply into the global economy. Two-way trade stood at nearly $2 billion in 2016 and is growing quickly towards the goal of $4 billion by 2020. Turkish investors have 13 projects valued at $730 million in Vietnam. The two have signed agreements on double taxation avoidance and investment encouragement and protection.

However, there is plenty of room for the two countries to step up their partnership in industry, investment, agriculture, culture, tourism, education, oil and gas, and maritime navigation, among others, the Deputy Prime Minister added.

He urged the business communities in both countries to become the driving force in carrying out bilateral economic-trade cooperation agreements.

For his part, Prime Minister Yildirim recommended that the legal corridor be more open and transparent to support the effective operations of enterprises.

He said the two countries need a free trade agreement to promote connections between the two business communities.

With a population of more than 170 million and a GDP exceeding $2 trillion, the Turkish leader believes the two-way trade revenue of $2 billion at the present time is far below potential.

Turkish businesses have begun to study the Vietnamese market with the intention of making investments in infrastructure and healthcare; fields in which they have a wealth of experience, he said.

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