Deputy Prime Minister Vuong Dinh Hue at the Vietnam-Turkey Business Forum. (Photo: baochinhphu.vn)

Hanoi (VNA) – Trade and investment cooperation is a crucial pillar for Vietnam and Turkey to deepen the bilateral ties for the prosperity of each nation, Deputy Prime Minister Vuong Dinh Hue said at the Vietnam-Turkey Business Forum in Hanoi on August 24.

The Deputy PM noted that Vietnam and Turkey share a number of similarities with fast-growing economies which have integrated deeper into the global economy. Two-way trade stood at nearly 2 billion USD in 2016 and is growing fast towards the goal of 4 billion USD in 2020. Currently, Turkish investors run 13 projects valued at 730 million USD in Vietnam. The two countries have signed agreements on double taxation avoidance and investment encouragement and protection.

However, there is plenty of room for the two countries to step up their partnership in industry, investment, agriculture, culture, tourism, education, oil and gas and maritime navigation, among others, Hue stressed.

He urged the business communities of both sides to become the leading force in carrying out bilateral economic-trade cooperation agreements.

Meanwhile, Turkish Prime Minister Binali Yildirim recommended that legal corridor should be more open and transparent to support effective operation of the enterprises.

He said the two countries need a free trade agreement to promote connections between two business communities.

With total population of more than 170 million people and gross domestic products valued at more than 2 trillion USD, the Turkish leader believed that the two-way trade revenue of 2 billion USD is far below the two countries’ potential.

Turkish businesses have begun to study the Vietnamese market with the intention of making investment in infrastructure and healthcare, the fields that they have a wealth of experience, he added.

The business forum was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the Foreign Economic Relations Board of Turkey (DEIK) on the occasion of the official visit of the Turkish Prime Minister.-VNA