Armenia expects to increase trade with Vietnam

Thu, 27 Jun 2024 15:25:00  |  Print  |  Email   Share:

The Ambassador of Armenia hopes that with the support of the Vietnam Chamber of Commerce and Industry (VCCI), economic and trade cooperation between Vietnam and Armenia will reach new milestones.

The Armenian Ambassador met with the Chairman of VCCI to explore cooperation opportunities between the two countries

On June 14, VCCI Chairman Pham Tan Cong received Mr. Suren Baghdasaryan, the Ambassador Extraordinary and Plenipotentiary of Armenia to Vietnam. During the meeting, the two sides discussed trade and investment cooperation between the two countries and proposed solutions to further promote these issues in the future.

According to the VCCI Chairman, as a representative body for the business community in Vietnam with over 200,000 members, VCCI aims to further connect businesses from both countries to open up future cooperation opportunities.


Despite close political relations, trade between the two countries has not developed correspondingly

Vietnam and Armenia are gradually expanding economic cooperation, especially since the signing of the Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union, which includes Armenia. Accordingly, although they have a strong political relationship, economic and trade cooperation has not reached a commensurate level, despite positive developments in areas such as tourism, education, and technology.

The Armenian Ambassador expressed interest in further strengthening economic relations with Vietnam, one of the key gateways to the ASEAN market. Armenia has strengths in exporting products like Ararat cognac, wine, dairy, and meat products to Vietnam, and it also seeks to import Vietnamese products such as coffee, electronics, and textiles. Efforts to enhance bilateral trade were significantly impacted by the COVID-19 pandemic but are recovering, with recent initiatives aimed at simplifying visa procedures and encouraging tourism and cultural exchanges.


In the coming time, VCCI will further support the connection between Vietnamese and Armenian businesses

Additionally, both sides hope to organize more business and market information exchange events to help businesses from the two countries find additional opportunities. Trade between Vietnam and the Eurasian Economic Union, including Armenia, has made significant progress, with the FTA serving as a catalyst. Trade volume reached approximately USD 7.8 billion in 2021, although there was a decline in 2022 due to global economic conditions. However, trade volume has recovered in 2023.

According to Truong Dang (Business Forum Magazine).


By: Truong Dang (Business Forum Magazine)./Translator: LeAnh-Bizic


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