VN, Iranian firms urged to accelerate coordination

Besides trade, the diplomat also said investment, energy, agriculture, seafood, construction, pharmaceuticals, food, garments and tourism as promising sectors for bilateral cooperation between the firms in the coming time.

Insufficient information about each other's economy and trade and a lack of understanding remain major challenges for the two countries' businesses to enhance co-ordination, said S Seyed Babaei, managing director of Iranian ENN Complex, which provides consultancy and training services for managers.

Currently, many Vietnamese goods are imported to the Iranian market through intermediary companies. Thus, direct sharing of business opportunities is necessary, the director cum the head of the Iranian business delegation said.

Another delegation of large Iranian companies will come to Vietnam late this year to seek opportunities in the country, he said, calling for a similar move from the Vietnamese business community.

Le Thai Hoa, Deputy head of the Ministry of Industry and Trade's Southwest Asian and African Market Department agreed that accelerating the exchange of business delegations and organizing business forums are necessary for closer cooperation.

Conducting market surveys in each country and carrying out trade promotion activities should also be included, he said.

He encouraged firms to make use of existing channels for information on the business environments and opportunities, such as chambers of commerce and industry, embassies, and other trade promotion institutions of both sides, as well as take initiatives to participate in trade fairs and exhibitions in each country.

The bilateral economic relations between the two nations have developed significantly over the past years. Two-way trade hit US $186 million last year and US $52 million in the first five months of this year.

Among Vietnam 's key exports to Iran are tea, seafood, steel, machinery and rubber. - VNA