Azerbaijan, Vietnam to increase trade turnover

By: Aynur Jafarova

Azerbaijan and Vietnam have set a common goal to increase their bilateral trade turnover to $1 billion in the near future, Azerbaijani Ambassador to Vietnam Anar Imanov told Trend Agency.

Currently, the trade turnover between the two countries amounts to about $400 million, and major part of it accounts to oil that Vietnam purchases from Azerbaijan.

“During Azerbaijani president’s official visit to Vietnam [May 18-19, 2014] the parties reached an agreement to develop important areas, as well as to increase trade turnover, including to take active steps in the oil and gas sector, considering it as a priority, strategic and long-term direction,” the diplomat added.

He went on noting that Azerbaijan and Vietnam will assist the business circles of both countries in the field of information exchange, establishment of direct ties and seek for new forms of fruitful cooperation.

“One of the fruitful areas of cooperation may be Azerbaijan’s investments in the Vietnamese economy,” Imanov said.

Azerbaijani president made a similar proposal during his visit to Vietnam as well.

“During Azerbaijani president’s visit to Vietnam, the sides signed an agreement on trade-economic and scientific-technical cooperation between the two governments. The document has already entered into force. According to the fifth article of the agreement, the sides committed to establish an intergovernmental commission on trade-economic and scientific-technical cooperation. The work of such a commission will create great opportunities to develop cooperation between the two countries, including for mutual investments,” he said.

A relevant legal framework was established for the development of business contacts between business circles of the two countries. Azerbaijan and Vietnam have already signed a convention on avoidance of double taxation with respect to income and property taxes and prevention of tax evasion. The two countries are planning to sign an agreement on the protection and promotion of investments.

Azerbaijani-Vietnam cooperation is developing fast. Azerbaijan opened its embassy in Vietnam last December, while the Azerbaijan-Vietnam inter-parliamentary friendship group was established in Hanoi in November 2013.

In October 2013, Vietnam simplified the visa regime for Azerbaijani citizens, making it possible for Azerbaijani citizens to obtain a visa upon arrival at Vietnam’s airports.