Vietnam-Turkey Trade Promotion

9:08:08 AM | 9/21/2023

The ASEAN Secretariat and the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Union of Chambers and Commodity Exchanges of Turkey (TOBB) organized a webinar on Vietnam-Turkey trade promotion to help connect businesses of the two countries to learn about interests, potential, business situation and business culture of each country.

At the online conference, delegates updated information on the market, policies and cooperation development strategies between Vietnam and Turkey in the coming time.

Turkey is a highly developed economy, with a strong blend of traditional occupations and modern industries. As the world’s 7th largest agriculture by total output and a growing industry, this is a great potential market for Vietnamese companies that can access smart agriculture, logistics, tourism, leather footwear and industrial products.

Data from the Ministry of Industry and Trade showed that Vietnam-Turkey trade value reached US$1.9 billion in 2022, making Vietnam the second largest partner of Turkey in Southeast Asia. In the first five months of 2023, Turkish businesses invested over US$750 million in 34 projects in Vietnam.

Despite certain achievements, the proportion of investment and economic cooperation between Vietnam and Turkey is still very modest compared to the potential, said Ms. Tran Thi Lan Anh, General Secretary of VCCI. Turkey has a growing industry while Vietnam is also an attractive market for investors as it joined in many bilateral and multilateral agreements. This is the most favorable time for Vietnamese and Turkish businesses to focus on boosting cooperation.

By Giang Tu, Vietnam Business Forum