Iran, Vietnam urge settlement of banking problems hampering trade ties

According to a report released by the TPO on Saturday, Valiollah Afkhami Rad commented on the second session of Iran-Vietnam Joint Economic Commission recently held in Hanoi and said during the meeting, the need to remove banking obstacles in the way of boosting bilateral trade between the two countries was highlighted.

“Vietnam’s banking system is willing to resolve the problem of brokerage for the two countries’ banks…,” Afkhami Rad, who is also deputy minister of industry, mines, and trade, stated.

He further said in his visit to Hanoi, a memorandum of understanding was signed between Iran and Vietnam to boost cooperation in various areas, including banking issues, exchange of goods and Preferential Trade Agreements (PTAs).

Back in March, Vietnamese President Truong Tan Sang paid an official visit to Iran in a bid to promote bilateral relations between the Southeast Asian country and the Islamic Republic in diverse fields, economy in particular.

During the visit, the two countries announced that they plan to boost the annual bilateral trade to $2 billion in five years.

It came against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a conclusion over the text of a comprehensive 159-page deal on Tehran’s nuclear program and started implementing it on January 16.

The comprehensive nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.

By Tasnim News Agency

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