Iran, Vietnam to raise trade volume to $2bn

TEHRAN, Mar. 14 (MNA) – Iran’s President Hassan Rouhani said Tehran and Hanoi have decided to increase their trade volume to $2bn in five years time. President Rouhani made the remark in a press conference with his Vietnamese counterpart Truong Tan Sang in Tehran on Monday. The President added that despite good potentials for expansion of economic ties between the two countries, Iran and Vietnam had been unable to make the most of the existing capacities due to sanctions. The removal of sanctions following the implementation of the nuclear deal in January has however provided the condition for the two sides to increase the volume of trade exchange from the current $350mn to $2bn in the span of five years. Rouhani further maintained that Tehran and Hanoi have similar views on regional and international issues and have close cooperation with one another in international organizations such as the UN and the Non-Aligned Movement. “We have also decided to sign an MoU between the central banks of Iran and Vietnam as the first step to boost economic cooperation between the two countries,” said President Rouhani. According to him, the two sides have also reached agreements on various economic issues such as energy, industry, agriculture, tourism, investment, and IT, as well as the fight against terrorism. The Vietnamese President, for his part, highlighted the need for strengthening bilateral cooperation between Tehran and Hanoi and supporting one another in all-out development and progress. He referred to his accompanying 30-strong delegation from the trade sector, saying “we agreed that our main priority is economic and trade cooperation and are planning to provide the proper conditions for the two sides’ private sectors for utilizing all the existing potentials and benefits.” He went on to add that the two countries have also reached the conclusion that regional and international conflicts must be settled through peaceful approaches and with respect to the international law. The Vietnamese president arrived in Tehran on Sunday for an official three-day visit at the invitation of his Iranian counterpart. Tan Sang, heading a politico-economic delegation, is slated to hold talks with Iranian officials on expanding bilateral ties in the fields of economy, banking, and energy.