Prime Minister Pham Minh Chinh is advocating for the initiation of negotiations on a free trade agreement (FTA) between Vietnam and Turkey to strengthen the trade collaboration between the two nations. The Vietnam PM conveyed this proposal during a meeting with Turkey’s Minister of Trade, Omer Bolat, in Ankara on Wednesday, marking the commencement of his two-day official visit to the country.
In addition to kickstarting FTA negotiations, Chinh expressed the desire for the eighth meeting of the Vietnam–Turkey Intergovernmental Committee to convene in Ankara in 2024, aiming to enhance trade activities. He emphasized the importance of both countries creating favorable conditions for trade and eliminating trade protection measures against each other.
Minister Bolat acknowledged Vietnam as one of Turkey’s prominent economic partners in the Asia Pacific region, noting a growing interest among Turkish companies, particularly in the construction, manufacturing, and consumer goods sectors. He disclosed plans for a delegation of Turkish businesspeople to visit Vietnam next year.
Since establishing diplomatic relations in 1978, Vietnam and Turkey have maintained friendly and cooperative ties across various domains. Turkey plays a crucial role as one of Vietnam’s primary trading partners in the Middle East, serving as a gateway for Vietnamese exports to the Middle East and Southern Europe markets.
The bilateral trade turnover in 2022 surpassed $2 billion, with Vietnam exporting $1.6 billion. As of October, Turkey has 36 active investment projects in Vietnam, totaling a registered capital of $974.3 million, ranking 26th out of 143 countries and territories with investment projects in Vietnam.
In August, the Turkish firm IC Ictas, leading the Vietur Consortium, secured a contract worth VND35 trillion for the construction of a passenger terminal at Long Thanh International Airport. Vietnam has, to date, signed 17 bilateral and multilateral trade agreements.