HANOI, Saturday, July 12, 2025 (WNP): Federal Minister for Commerce Jam Kamal Khan, in a major push to revitalize economic diplomacy,  concluded a landmark four-day visit to Vietnam on Saturday, marking the first high-level ministerial visit from Pakistan in 15 years and reaffirming a shared vision to expand bilateral trade, investment, and institutional cooperation.

During his visit, Minister Jam Kamal held a series of high-level engagements, including with Dr. Hoang Trung, Deputy Governor of the State Bank of Vietnam, and Nguyen Hong Diên, Vietnam’s Minister of Industry and Trade, for building stronger banking frameworks and exploring preferential trade arrangements.

In his meeting with the Deputy Governor of Vietnam’s central bank, both sides agreed to renew and modernize the 2004 MoU between the State Bank of Pakistan (SBP) and the State Bank of Vietnam. The renewed agreement is expected to address evolving global financial trends, including digital payments, QR code-based transactions, and broader financial inclusion.

The Minister lauded Vietnam’s digital banking progress and expressed interest in leveraging Vietnam’s expertise to boost Pakistan’s fintech and financial innovation landscape.

On the trade front, the 5th Pakistan–Vietnam Joint Trade Committee (JTC) session—reactivated after an eight-year gap—culminated in a renewed push for a Pakistan-Vietnam Preferential Trade Agreement (PTA) by the end of 2025. The session was co-chaired by Additional Secretary of Commerce Nasir Hamid and Vietnam’s Deputy Minister for Industry and Trade, Phan Thi Thang. The signing of Agreed Minutes was witnessed by both commerce ministers, sealing their intent to unlock untapped trade potential.

Key sectors discussed included textiles, fisheries, halal certification, civil aviation, healthcare, and banking. The two countries also decided to revive the dormant Joint Technical Committee and foster direct business-to-business (B2B) engagement.

In a televised message, Jam Kamal underscored the potential of accessing Vietnam’s $800 billion trade market — projected to reach $1 trillion — as an opportunity for Pakistan to expand exports, particularly in rice, leather, textiles, and surgical instruments. He highlighted Prime Minister Shehbaz Sharif’s directive to emulate Vietnam’s value-added export model to strengthen Pakistan’s trade footprint.

Minister Jam Kamal also met with Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI), and emphasized the need for deeper institutional linkages, mutual trade expos, and Vietnamese investment in Pakistan’s industrial parks.

The Vietnamese side expressed interest in importing more Pakistani rice, textiles, and leather goods and welcomed Pakistani investment in manufacturing and IT sectors.

Both countries reaffirmed their commitment to holding the 6th JTC session in Pakistan at a mutually convenient time and to increasing political and business exchanges.

Jam Kamal Khan’s visit signals a new chapter in Pakistan-Vietnam relations, with both countries looking to forge strategic economic ties rooted in mutual growth, diversified trade, and regional connectivity.