Armenian Prime Minister Nikol Pashinyan had a working session with some major Vietnamese businesses in Hanoi on July 6 to seek ways to facilitate bilateral trade and investment. The event was attended by representatives of the Vietnam Chamber of Commerce and Industry (VCCI) and big enterprises in such industries as textile-garment, jewellery, and information technology.
The PM, who is on an official visit to Vietnam, said the investment climate in his country is improving in a way that facilitates businesses’ development, and there are almost no barriers to foreign investment attraction there. Armenia is investing big in developing information and digital technology. It has also exported a number of high-tech products in the agricultural and processing sectors, which are also the fields the country wants to seek opportunities for investment cooperation, he noted.
PM Pashinyan said his country is looking for chances for investment and trade partnerships in certain aspects, including textile-garment, agricultural products, food, alcoholic beverages and dried fruit export, in which both countries have advantages and potential.
Armenia has signed free trade agreements with some countries and territories. It is also a member of the Eurasian Economic Union and has made commitments with some other European countries in the provision of tariff incentives, he added.
At the session, VCCI Chairman Vu Tien Loc voiced his belief that there remains much potential for the two countries’ economic relations. He said Vietnam has demand for many commodities of Armenia’s strength like machinery, equipment and textile-garment materials. Meanwhile, it can also step up the export of aquatic products, farm produce, electronic devices and apparel to the European nation.
Echoing the view, Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang said there are numerous cooperation opportunities for Vietnamese textile-garment businesses and Armenian firms. He elaborated that VITAS imports a large volume of cotton, over 1.5 mn tonne each year, from foreign suppliers while Armenia holds potential for producing this commodity. Therefore, this is an area in which the two countries can work together in the future.