Deputy minister: Trade turnover between Azerbaijan and Vietnam not meet potential of two countries

The trade turnover between Azerbaijan and Vietnam, amounting to $ 12 million in 2009, does not meet the commercial potential of the two countries, Deputy Minister of Economic Development of Azerbaijan Niyazi Safarov said to Azerbaijani-Vietnamese business forum on April 8 in Baku.

Organized for the first time, the forum was held as part of Vietnamese Deputy Prime Minister Hoang Trung Hai's visit to Baku.

"Azerbaijan has a large market and the country is interested in developing trade and economic relations with Vietnam," said Safarov.

Deputy minister said that currently the country successfully implements economic reform. As a result of successful economic policy in the country, Azerbaijan has achieved high growth rates, which could minimize the impact of the global economic crisis that affected the economies of many countries.

"Despite the situation with the global financial crisis, Azerbaijan has achieved macroeconomic stability and the stability of currency reserves which now exceed $20 billion, managed to maintain the level of inflation," said Safarov.

According to deputy minister, all these measures have been taken to support business development in Azerbaijan.

"Azerbaijan is an attractive country for investment with its stable political and legal system that meets all international standards. Since 2003 more than $ 70 billion foreign and domestic investments have been made to the Azerbaijani economy," said Safarov.

Vice Prime Minister of Vietnam also believes that the current trade turnover between the countries is not satisfactory and today's forum will increase this figure.

"After the establishment of diplomatic relations between the countries in 1992, Azerbaijan has significantly supported the education of students from Vietnam, but we would also like to ensure the development of trade and economic relations in the future," said Deputy Prime Minister of Vietnam.
According to the Vice Prime Minister, Vietnam has provided some economic development in the country, and now entrepreneurs have begun to actively enter the international markets. There are now 500,000 entrepreneurs, implementing 440 projects worth $7 billion.

"Vietnam, like Azerbaijan, is taking serious measures to restore the economy during the global crisis," said Deputy Prime Minister of Vietnam.


/Trend/