Mostafa Mousavi, head of the Iran-Vietnam Joint Chamber of Commerce, has described Vietnam as a trade hub in East Asia.

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The Iran Daily cited Mousavi as saying that since the start of the trade war between China and the US, European states have concentrated on Vietnam and have established their technological and production bases in the Southeast Asian country.

Many of the world’s major cellphone and auto companies have set up production lines in Vietnam, Mousavi said.

Vietnam has a much higher economic capacity than many other countries, making it a suitable option for Iran to expand economic cooperation, he added.

According to the businessman, Vietnam has pursued an open economic policy over the years and has made very good technological and economic advances.  

Statistical analyses show that Vietnam has enjoyed the fastest economic growth in the world over the past decade, the daily stressed.

According to the newspaper, annual trade between Iran and Vietnam reached 350 million USD in the previous Iranian calendar (which ended in March 2019), witnessing 100 percent growth year-on-year.