Turkey, Vietnam expect higher trade volume

Turkish Labor Minister Mehmet Müezzinoğlu said that the trade volume between Turkey and Vietnam had reached $2 billion in 2016 and is expected to reach $4 billion by 2020, according to a ministry statement Thursday.

The minister went to Vietnam's Hanoi for the seventh Turkey-Vietnam Joint Economic Council Meeting, said the statement.

"Turkey's exports to Vietnam increased by 50 percent to $233.9 million while imports from Vietnam stood at $1.73 billion in [2016]," he said.

Mezzinoglu said that after two days of negotiations, major decisions were taken, namely concerning bilateral trade.

"We think that the free trade agreement to be signed will make a significant contribution to our bilateral commercial relations," he said.

The minister emphasized that Turkey was in a strategic position between Europe, the Middle East and Eurasia while Vietnam has emerged as a very important logistics center in Southeast Asia.

"The decision to conclude negotiations on customs, agriculture, visas, defense, forestry and water was taken," he added.