Vietnamese Embassy trade representative in Iran says a business delegation from the South East Asian country, including representatives from the State Bank of Vietnam (SBV), will visit Iran in near future.
“A trade and economic delegation, headed by one of the Vietnamese ministries, is expected to travel to Iran,” said Le Ba Ngoc, Vietnam Embassy trade representative in Iran on Tuesday.
The official said representatives from State Bank of Vietnam (SBV) will also be present in the delegation in a bid to hold talks with their Iranian counterparts.
He made the remark in a meeting with Mohammad Reza Karbasi, Deputy for International Affairs at Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in Tehran.
The fact that State Bank of Vietnam reps are expected to be part of the delegation is very significant as it shows that two countries are trying to find exit ways to bypass US economic sanctions that have disrupted international banking ties with Iran.
The Iranian exports to Vietnam fell nearly 50% in value and more than 43% in weight during the last Iranian year 1397 (to 20 March, 2019) in comparison to a year before that, according to the latest statistics published by the Islamic Republic of Iran Customs Administration (IRICA).
Iran exported more than 202 million tons of goods and commodities to Vietnam, worth 367,640,648 dollars last Iranian year, showing a decline of 49.39% compared to the Iranian year 1396.
At the same, imports from the Asian country declined more than 42% in value and over 35% in weight during the same period, IRICA figures show.
Iran imported 45,740,433 dollars weighing 18,503,210, that shows a fall of 42.60% and 35.35% in value and weight represectively, according to the stats.
The decline in annual trade volume between Tehran and Hanoi comes after the US withdraw the 2015 nuclear deal and reestablished economic sanctions on Iranian oil and banking sectors, cutting off practically Iran’s banking relations with the outside world.
Despite the negative figures, Iran had a trade surplus of $140,305,881 with Vietnam.
Iran has been seeking to open Special Purpose Vehicles (SPVs) with regional countries, such as Iraq and Turkey apart from the European Instrument in Support of Trade Exchanges (INSTEX).
Earlier this month, the Central Bank of Iran (CBI) said it’s willing to open SPVs with neighbouring countries that enjoy “friendly” relations with Iran.
Aquatic animals feeds and coffee were the most imported items from Vietnam while Iran exported shrimp and figs to the country.
Tehran is also in talks with Bangladesh to establish a financial channel in a bid to allow the import of knauf fiber for Iranian carpet industries that have been affected by Washington’s punitive measures.