Local firms advised to study Iranian market hinh anh 1Tra fish for exports (Photo: VNA)

Vietnamese businesses should pioneer in joining the Iranian market as well as proactively improve the quality of products and establish trade partnerships with local partners.

Vietnamese Trade Counsellor to Iran Nguyen Ngoc Hai told reporters that there will be a number of opportunities from trade conditions for businesses to make inroads into Iran, a promising market in the Middle East with a population of over 80 million.

Many Vietnamese entrepreneurs are able to do business in the market despite international sanctions, he noted.

He revealed that in July this year, Iran and Group P5+1 involving the US, the UK, France, Russia, China and Germany finally reached an agreement on Iran’s nuclear programme in exchange for the removal of all international sanctions imposed against the nation.

If the sanctions are lifted, trade barriers between the countries and Iran will be removed as well, he said.

The same month, an official from the Central Bank of Iran said Iranian private banks including Dei, Saman, Pasargad, Parsian, and the Middle East in addition to two State-run banks – Maskan (Housing) and Agriculture – are currently connected to the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) network.

If the Iranian banks are able to make transactions and payments through the SWIFT Code, it will present favourable conditions for Vietnam and Iran to boost trade, Hai said.

The removal of sanctions against Iran also means that there are no longer sanctions against foreign insurance companies and banned import-export goods to Iran, he said, adding that Vietnam and Iran could supplement each other in goods trade.

He warned that as businesses from other countries are also eyeing the Iranian market, Vietnamese players should be proactive in studying the market carefully and tapping opportunities.

The Trade Office of the Vietnamese Embassy in Iran is willing to support local firms in the field, Hai said.-VNA