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Vietnam is Turkey’s ninth largest trading partner in the Asia-Pacific region.
Vietnam has made significant economic and social progress over the past decade and integrated deeper into the word economy. It is one of the members of the world’s largest trading blocks; ASEAN.
The country intents to start negotiations with the EU on a comprehensive free trade agreement, but the technical details as regards the framework and the full scope of the agreement have not been concluded yet.
Turkey and Vietnam held consultations as to starting negotiations on a free trade agreement; solid progress has not been achieved on the issue.
With a view to setting a solid framework in commercial and economic relations, Turkey and Vietnam signed a number of agreements including Commecial, Economic and Technical Cooperation Agreement (1997).
Turkish-Vietnam Business Council, established in 2005 aims to improve bilateral trade and industrial cooperation. The Turkish companies are represented through the Foreign Economic Relations Board, and their counterpart organization is Vietnam Chamber Industry and Commerce.
Vietnam is Turkey’s 101st largest export market in the world.
Turkish merchandise exports to Vietnam in 2011 were 100 million USD, decreasing by 5.8% from 2010.
The top export categories (2-digit SITC) in 2011 were: textile yarn, fabrics, made-up articles, and related products (20.7%); meat and meat preparations (17.4%); coffee, tea, cocoa, spices (8.5%); iron and steel (6.5%); and crude fertilizers and crude minerals (6%).
Vietnam is Turkey’s 41st largest supplier of merchandise imports.
Turkish goods imports from Vietnam exceeded 1 billion $ in 2011, up 34.4% from 2010.
The top 5 imports categories (2-digit SITC) in 2011 were: textile yarn, fabrics, made-up articles (36.5%); telecommunications equipment (15.1%); footwear (10.5%); articles of apparel and clothing accessories (8.6%); and crude rubber (5.1%).
Turkey’s trade deficit with Vietnam amounted to USD 909 million in 2011, a 41% increase over 2010.