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EghtesadOnline: Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh said on Wednesday that negotiations are underway between Iran and Vietnam to establish preferential trade between the two nations.

He said it is predicted that the volume of trade exchange between the two countries to reach two billion dollars by 2020.

Nematzadeh, who is leading the Iran, Vietnam joint cooperation commission, told the Islamic Republic News Agency that regarding the free trade agreement between Vietnam and China, this country could be a good place for transferring Iranian commodities and services to China and it provides Iran with access to big markets in the region, reports IRNA.

He said that Iran may hold a gathering attended by Iranian and Vietnamese companies, where they can present their capabilities.

Nematzadeh said that the volume of trade exchange between Tehran and Hanoi stood at 350 million dollars last year, but considering the level of investment growth in Vietnam, ground is ripe for promotion of ties between the country and Iran.

He said that Vietnam absorbs more than 20 billion dollars of foreign investments annually, mainly from regional countries of South Korea and Japan.

Vietnam has good economic growth which presently stands at more than 6 percent annually while unemployment rate tends to be very low in the country.

The country is changing its economic status from underdeveloped to a developing nation.

Mohammad Reza Nematzadeh Iran-Vietnam trade preferential trade