Iran, Vietnam agree to double trade transactions

Iranian and Vietnamese officials agreed in a meeting in Hanoi to increase the volume of their trade transactions by more than 100 percent in a five-year period. The agreement was reached between Iranian Minister of Industry, Mines and Trade Mehdi Qazanfari and Vietnamese Minister of Agriculture and Rural Development Cao Duc Phat in the Vietnamese of Hanoi on Wednesday. The Iranian and Vietnamese ministers agreed to increase the volume of the two countries' trade transactions to $500mln from the current $204mln. Yesterday, Qazanfari and Vietnamese President Truong Tan Sang in a meeting in Hanoi reviewed the latest developments in the relations between the two countries, and underlined the necessity for boosting mutual cooperation. During the meeting, Qazanfari exchanged views on ways to develop relations and promote cooperation between the two countries with the Vietnamese president. The Iranian minister of industry, mines and trade called joint investment projects in direction of interests of both countries and expressed hope that by holding joint economic commission in future, the two countries witness growth of ties. Iran and Vietnam enjoy excellent and high potentials to develop economic cooperation, the Iranian minister said, and expressed the hope that the two nations would use the potentials to augment their trade ties. The Vietnamese president, for his part, expressed his country's readiness to expand economic cooperation with Iran on mutual interests. Qazanfari left Tehran for Hanoi on Monday to discuss bilateral ties and attend a meeting of Iran-Vietnam Joint Economic Cooperation Commission in the Vietnamese capital from May 14 to 15. Last month, Iranian and Vietnamese officials in a meeting in Tehran reviewed the latest developments in the relations between the two countries, and underlined the necessity for boosting mutual cooperation. The meeting was held between Iranian Foreign Minister Ali Akbar Salehi and visiting Vietnamese Deputy Foreign Minister in Asia and African Affairs Negovan Fung Nega.