Pakistan, Vietnam want outstanding cooperation in trade, investment: Envoy Phong

Web Desk 09:45 PM | 14 Mar, 2023
Pakistan, Vietnam want outstanding cooperation in trade, investment: Envoy Phong

LAHORE - The Ambassador of the Socialist Republic of Vietnam, H. E. Mr Nguyen Tien Phong has said that lack of information was one of the major reasons for the lack of strong growth in trade and relations between Vietnam and Pakistan.

While briefing the media at the Associated House here on Tuesday, Mr Phong said that Vietnam wants to have good relations with Pakistan.

“Our Embassy sees that the number of trade disputes between companies is increasing year by year. The kind of disputes are varying, mostly related to the payment. We hope that both sides will give more support to each other in dealing with these cases in order to build trust among our business community. The main reasons for low bilateral trade between Vietnam and Pakistan are the lack of information about each other and the low level of interaction, transportation, logistics and Halal regulations. Similarly, there is no bilateral investment treaty so far between both countries,” he said.

Mr Phong welcomed general and special business and investment delegations from Pakistan in general and tea import/export business in particular.

“The Embassy of Vietnam will provide full support for linking Pakistani enterprises with Vietnamese partners to do business in Vietnam. Vietnam is considering the proposals of Pakistan to sign an agreement on expanding aggregation for a number of products for Pakistan to take advantage of GSP incentives from the EU. The third Bilateral Political Consultation and the fifth Meeting of Viet Nam - Pakistan Joint Commission on Trade are scheduled in the first half of 2023 tentatively. This is a useful mechanism for the government of Pakistan and the government of Vietnam to meet and discuss how to increase trade between Pakistan and Vietnam for economic growth and both countries’ people benefit in the context of globalization in market integration and development of information technology,” he added.

He informed that trade volume between Pakistan and Vietnam has increased from 54 million USD in 2005 to more than 700 million USD in 2017 and reduced in recent years due to some reasons, especially after the Covid-19 Pandemic.

“Although, the volume of bilateral trade between Pakistan and Vietnam reached more than US$ 794 million in 2021, an increase of 54.41 percent compared to 2020 and in 2022, the figure continuously climbed to more than US$ 904 million (approximately US$ 1 billion), increase 12.17 percent to compare to the previous year, " he said.

"During 2021, Vietnam's exports to Pakistan US$ 598 million, increased to 50.67 percent and imports from Pakistan 196 million USD, increased by 66.97 percent compared to 2020. In 2022, Vietnam's exports to Pakistan above US$ 600 million, increased to 0.33% and imports from Pakistan above US$ 303 million, increased to approximately 35.31% compared to the preceding year, " he informed.  

However, it is still very low compared to the huge potential of both sides. Vietnam’s main product exported to Pakistan in 2022 was mobile phones and electronic components of them at the highest position (193 million USD), tea (102 million USD); followed by synthetic yarn and textile, black pepper, natural rubber, and fish products as Pakistan is importing about 95 percent of Pegasus from Vietnam, cashew nut, iron and steel, machinery and equipment, chemical while key imports items from Pakistan were fabrics, leather, pharmaceutical products, cotton yarn.

"Moreover, investment between both countries is still very limited. In 2022, Pakistan has three new investment projects in Vietnam with a capital of 946 thousand USD. Pakistan invests in the fields of textiles, and manufacturing of medical equipment,” he concluded.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on June 1, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 1, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 310.9 314.15
Euro EUR 330 333.3
UK Pound Sterling GBP 382.5 386.3
U.A.E Dirham AED 84.8 85.6
Saudi Riyal SAR 82.2 83
Australian Dollar AUD 201 203
Bahrain Dinar BHD 758.25 766.25
Canadian Dollar CAD 227 229.2
China Yuan CNY 40.26 40.66
Danish Krone DKK 41.04 41.44
Hong Kong Dollar HKD 36.39 36.74
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.25 2.45
Kuwaiti Dinar KWD 927.17 936.17
Malaysian Ringgit MYR 61.94 62.54
New Zealand Dollar NZD 172.79 174.79
Norwegians Krone NOK 25.67 25.97
Omani Riyal OMR 740.96 748.96
Qatari Riyal ‎QAR 78.37 79.07
Singapore Dollar SGD 220 222
Swedish Korona SEK 26.36 26.66
Swiss Franc CHF 315.04 317.54
Thai Bhat THB 8.21 8.36

Today's gold rates in Pakistan – June 1, 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 230,500 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.   

Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 230,500  PKR 2125
Karachi PKR 230,500  PKR 2125
Islamabad PKR 230,500  PKR 2125
Peshawar PKR 230,500  PKR 2125
Quetta PKR 230,500  PKR 2125
Sialkot PKR 230,500  PKR 2125
Attock PKR 230,500  PKR 2125
Gujranwala PKR 230,500  PKR 2125
Jehlum PKR 230,500  PKR 2125
Multan PKR 230,500  PKR 2125
Bahawalpur PKR 230,500  PKR 2125
Gujrat PKR 230,500  PKR 2125
Nawabshah PKR 230,500  PKR 2125
Chakwal PKR 230,500  PKR 2125
Hyderabad PKR 230,500  PKR 2125
Nowshehra PKR 230,500  PKR 2125
Sargodha PKR 230,500  PKR 2125
Faisalabad PKR 230,500  PKR 2125
Mirpur PKR 230,500  PKR 2125


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