Vietnam hails Iran’s tech sector potential as bilateral trade hits $109m
Vietnam's new ambassador to Iran said Iran possesses one of the region's strongest scientific and technological sectors, identifying it as a key area for future bilateral cooperation.
Ambassador Novin Luong Ngak was cited by the Iranian Labor News Agency (ILNA) as stating that following visits to Iranian science and technology parks, he observed that Iran is a leading regional power in science, technology, nanotechnology, and knowledge-based companies. He added that this sector represents a significant opportunity for collaboration, particularly within the Vietnamese market.
According to the ambassador, trade between Iran and Vietnam has grown in recent years, reaching approximately $109 million over the past eight months. While acknowledging that official precise statistics on the total trade volume are unavailable, he cited the figure as an indicator of positive momentum.
Citing a report from ILNA, goods imported from Vietnam to Iran during the stated period included rubber, coffee, tea, and related industrial products. In exchange, Iran exported products from its petrochemical, information technology, and construction materials sectors to the Vietnamese market.
Ngak said close ties currently exist between the business communities of the two nations, adding that a recent visit by a Vietnamese business delegation to Iran helped establish strong links between their respective chambers of commerce.
"The economies of Iran and Vietnam are not necessarily competitors, but rather can complement each other in many areas," the ambassador said. He highlighted Vietnam's strength in agricultural products, stating that nearly all of its agricultural goods have the potential to be exported to Iran. Conversely, he pointed to Iran's high capacity in petrochemicals and construction industries, which could see significant growth in the Vietnamese market.
"One of the important opportunities ahead for Iranian traders is the possibility of a direct presence in the Vietnamese market, as Vietnam is one of the largest destinations for attracting foreign investment in the region," Ngak said. He suggested that Iranian investment in Vietnam could serve as a platform for exporting goods to West Asia.
The ambassador noted that Vietnam attracts about $30 billion in foreign investment annually and has signed 17 free trade agreements with various countries, creating a high capacity for attracting foreign investors.
Looking ahead, Ngak announced short- and medium-term plans to develop trade ties, confirming that the 10th session of the joint Iran-Vietnam Commercial Commission will be held in Hanoi in the first quarter of the upcoming Iranian year (March 21, 2026). An Iranian delegation is expected to attend.
He stated that the commission could play a key role in resolving trade problems between the two countries. "Topics to accelerate trade relations, including financial payment issues, will be raised at the commission so that payment problems can be resolved through direct trade and eliminating intermediaries," he said.
The ambassador added that the commission's agenda would also include discussions on fruit exports from Vietnam to Iran. Given Vietnam's position as a major producer of tropical fruits and Iran's capacity to export its own fruit to Vietnam, resolving payment issues in this area could have a significant impact on facilitating trade.
Ngak also highlighted the development of direct flights as another important topic. He announced that a third direct flight from Tehran to Hanoi has recently been operated and that such flights will continue. "Targeting one flight per week could play a very effective role in expanding trade relations between the two countries," he said.
The ambassador identified a lack of information and sufficient mutual knowledge as the biggest challenge facing economic actors in both countries. To address this, he said programs including the exchange of journalists and developing information dissemination are on the agenda.