Chairman of Iran-Vietnam Joint Chamber of Commerce Mostafa Mousavi said on Sunday that forming a joint economic group between Iran and Vietnam and establishment of barter trade mechanism between the two countries after a possible removal of sanctions on Tehran can quadruple the volume of trade between Iran and the South East Asian country.
Speaking exclusively with Iran Chamber newsroom, Mousavi said that Iran and Vietnam can raise the volume of trade from the current $250 million to $1 billion immediately after the removal of sanctions, noting that the figure can also hit $2 billion within five years.
Although Iran’s trade with Vietnam has not gone beyond $250 million so far, Vietnam is one of the countries which can more easily interact with Iran with the revival of a 2015 Iran nuclear deal and a possible removal of sanctions on Tehran, the businessman said.
Having high technologies in producing different items, such as cell phone, bag and footwear, Vietnam is considered a proper trade ally for Iran, he added.
“In case of lifting the sanctions and the revival of Iran nuclear deal, we will have two ways forward for expansion of cooperation with Vietnam; first, the formation of a joint economic group and second the establishment of a barter trade mechanism.”
“Either we like it or not, most of our imports are coming from third countries, like the UAE, or via intermediary companies which rises the costs by several times,” he said, adding that preferential trade with Vietnam will greatly reduce the costs.
When voting on anti-Iran resolutions in the UN Security Council, Vietnam, as a non-permanent member of the Council, usually abstains as it seeks to satisfy both Iran and countries like the United States, Mousavi said.
He noted that establishment of a barter trade mechanism following a possible removal of sanctions on Tehran can be a win-win game for both Iran and Vietnam.