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By Trend

Azerbaijan and Vietnam have great potential for the development of cooperation, which should be fully used, Parviz Shahbazov, Azerbaijani energy minister, co-chairman of the Azerbaijani-Vietnamese intergovernmental commission for economic, trade, scientific and technical cooperation, said.

Shahbazov made the remarks at the second meeting of the intergovernmental commission in Baku June 20.

He said that Azerbaijan and Vietnam intend to expand bilateral relations in various fields.

In his turn, Vietnamese Minister of Industry and Trade Tran Tuan Anh stressed that Vietnam and Azerbaijan have the potential to develop cooperation in many fields.

During the meeting it was stressed that the trade turnover between Azerbaijan and Vietnam amounted to $101 million in 2017; the export of Azerbaijani goods to Vietnam amounted to $55 million, while export of Vietnamese goods to Azerbaijan totaled $46 million.

The ministers also discussed the possibilities of cooperation in such areas as the application of new technologies in the oil and gas sector, the rational use of energy and the use of renewable energy sources.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Vietnam amounted to $15.86 million in January-April 2018. Around $630,000 accounted for the export of Azerbaijani products to Vietnam. The trade turnover between the two countries increased by 65.2 percent for the year.

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