Iran-Vietnam trade more than doubled in a year

December 24, 2019 - 15:53

TEHRAN – Head of Iran-Vietnam Joint Chamber of Commerce says the value of trade between the two countries reached $352 million in the end of the Iranian calendar year of 1397 (March 20, 2019), up over 100 percent from $172 million in the preceding year.

“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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