The untapped potential in Vietnam-Qatar trade

Mon, 11 Sep 2023 09:07:00  |  Print  |  Email   Share:

The Qatar Ambassador hopes to collaborate with VCCI to organize various trade promotion programs to further expand the investment and exchange of goods between businesses of both countries, as there is still a lot of untapped potential.

On August 28th, the Ambassador Extraordinary and Plenipotentiary of the State of Qatar to Vietnam, Mr. Khalid Ali Abdullah Abel, recently visited and held discussions with the Chairman of VCCI, Mr. Pham Tan Cong. During the meeting, both parties discussed further practical cooperation opportunities to enhance the economic and trade relations, which still have considerable potential between the two countries.

Over the past 30 years of diplomatic relations, Vietnam and Qatar have been witnessing collaborations in various fields, particularly in rapidly increasing trade and investment. Bilateral trade volume has reached a value of 400 - 500 million USD, mainly comprising products such as mobile phones, electronics, and components (from Vietnam), as well as industrial goods from Qatar like plastics, chemicals, machinery, and spare parts.

However, according to Mr. Khalid Ali Abdullah Abel, these figures are still modest compared to the economic potential of both countries. Qatar is one of the most developed countries in the Middle East, while Vietnam is an emerging economic powerhouse in ASEAN.

 

VCCI Chairman Pham Tan Cong commits to providing support for Qatari businesses to expand their investments in Vietnam.

According to the Qatar Ambassador, 2023 is an important year marking the 30th anniversary of diplomatic relations, as demonstrated by the official visit of Vice President Vo Thi Anh Xuan to Qatar in May 2023. It is expected that the Qatar Emir will also make an official visit to Vietnam in early November this year.

Through these visits, he hopes to further collaborate with VCCI to create more opportunities for both countries to explore expanding their business investments in each other's markets, thereby deepening the relationship in line with their potential and the bilateral ties, especially in the energy sector – a strength of the Middle Eastern nation.

During the past period, to meet the needs of businesses and consumers in both countries, VCCI and Qatar's trade promotion organizations have discussed activities to provide information for businesses, seek and connect potential partners for businesses from both countries, assist Qatari businesses in verifying Vietnamese businesses and vice versa.

VCCI Chairman Pham Tan Cong pledges to support Qatar in seeking breakthroughs in trade cooperation. He proposes that Qatar facilitates access for Vietnam's strong export sectors such as agriculture, aquaculture, and food processing to distribution channels and major supermarket chains in Qatar to enhance the trade balance between the two countries. He also suggests sharing experiences and supporting Vietnam in establishing a financial center, Halal certification center, and meeting the market standards and requirements of Qatar.

Both sides are hopeful that 2023 will be a milestone to further promote the significant trade potential between Vietnam and Qatar.

In the investment sector, both parties have identified this as a priority area for future cooperation, aiming to enhance the effectiveness of collaboration between the investment funds and businesses of each country in potential fields such as infrastructure, transportation, seaports, and renewable energy.

VCCI hopes to continue close coordination with the Qatar Chamber of Commerce and Industry (QCCI), the Qatar Embassy in Vietnam, and the Vietnam Embassy in Qatar in disseminating information about business opportunities and organizing events to promote trade and investment for the business communities of both countries.

According to TRUONG DANG (Business Forum Magazine).

 

By: Translator: LeAnh-Bizic

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