Turkey will deepen its trade ties with Asian countries including Vietnam, Turkey’s Prime Minister Binali Yıldırım said on Aug. 24.
“Our country will maintain its strategy to increase its trade and economic effectiveness in the Far East, mainly in the Asian market,” the Turkish premier stated during his speech at the Vietnam-Turkey Business Forum in Hanoi.
Yıldırım noted that the ratification process of the agreement on reciprocal promotion and protection of investments, as well as prevention of double taxation, signed in 2014 with Vietnam, was finalized.
“Turkish investors contribute to Vietnam’s economy by investing over $700 million,” he underlined.
The premier said works for signing a free trade agreement between the two countries have accelerated.
“Cooperating with a country that has high strategic importance like Vietnam and taking this cooperation further are among our priorities,” he added.
Yıldırım noted that Turkey and Vietnam are countries which have a total of $683 billion in trade volume and over $1 trillion in national income with their total population reaching 173 million in 2016.
The trade volume between Turkey and Vietnam stands below $2 billion and it is not in proportion to the potential of the two countries’ population, he stated.
“We aim to increase bilateral trade to at least $4 billion by 2020 in the first stage,” Yıldırım said.
The prime minister noted Turkey’s exports to Vietnam advanced by 16 percent in the first half of 2017, while Vietnam’s exports to Turkey increased by 33 percent in the same period.
“Although trade balance is not in favor of Turkey, it will be achieved by increasing and diversifying trade,” he added.