Vietnam & Turkey target $4 billion in annual two-way trade

Prime Minister meets with Turkish Vice President during his overseas trip.

Vietnam and Turkey have agreed to strengthen substantive and effective economic cooperation activities to soon raise annual bilateral trade to $4 billion through further opening markets for farm produce and key goods from each country.

Prime Minister Pham Minh Chinh and Turkish Vice President Cevdet Yilmaz agreed to the target on November 29 during talks in Ankara during the Prime Minister’s visit to the country.

Vice President Yilmaz spoke highly of Prime Minister Chinh’s visit, as it is an important event in promoting friendly relations and multifaceted cooperation between Vietnam and Turkey, especially amid celebrations over the 45th anniversary of diplomatic relations (1978-2023).

He said Turkey considers Vietnam as one of its top priority partners in ASEAN, especially in the fields of economy, trade, investment, security and defense, and tourism, among others.

On his side, Prime Minister Chinh expressed his delight at the socio-economic achievements Turkey has achieved recently and the country’s role and influence in the region, particularly after it became a member of the G20. He said he expects Turkey will develop further in the time to come, opening new opportunities for cooperation between the two countries.

During their talks, the two leaders also agreed to strengthen relations and increase exchanges at all levels and pledged close coordination and mutual support in international organizations and forums.

Prime Minister Chinh affirmed that Vietnam will create the most favorable conditions possible for Turkish corporations and businesses investing in the country in priority areas such as industrial production, high-tech farming, consumer goods, the green economy, and innovation and creativity.

The two sides have maintained regular exchanges at all levels, with bilateral trade reaching $1.7 billion in the first nine months of this year, an increase of almost 15 per cent compared to the same period of 2022.

Turkey is currently the largest direct foreign investor in Vietnam from the Middle East, with registered capital nearing $1 billion.

Following their talks, Prime Minister Chinh and Vice President Yilmaz witnessed the signing of cooperative agreements between ministries, sectors, and agencies in the two countries, including an MoU on cooperation between the national flag carriers Vietnam Airlines and Turkish Airlines, an MoU in the fields of agriculture and forestry between the Ministry of Agriculture and Rural Development and Turkey’s Ministry of Agriculture and Forestry, and an MoU on cooperation between the Diplomatic Academy Vietnam and the Turkish Diplomacy Academy.