Ambassador of Vietnam to Papua New Guinea (PNG), His Excellency Nguyen Tat Thah in his meeting with the Minister for International Trade and Investment, Hon. Richard Maru said Vietnam was keen on Trade and Investment with PNG. His Excellency Thanh said the Government of Vietnam was keen to invite Minister Maru to lead a small trade delegation to Vietnam next month.
Vietnam currently has a population of over 98 million with an economy size of about USD449 billion with the service sector accounting for 41.3 per cent of the GDP. Vietnam’s economy is based on large state-owned industries such as textiles, furniture, plastics, paper, tourism, telecommunications, and food where it is the largest producer of cashew nuts and black pepper, and the second largest rice and coffee exporter. Vietnam also has four economic regions, and each play a pivotal role in Vietnam’s economic growth and development. These economic regions contribute over US$27 billion in foreign direct investments and over US$700 billion in imports and exports.
Minister Maru said Vietnam had a lot to offer in terms of their development experience.
“Vietnam’s economy is going to get bigger than the Philippines and will be one of the biggest economies in Asia. We can learn from their development experience to help to us to achieve our vision of doubling the size of our economy by 2032,” said Minister Maru.
“I have also asked the Vietnam Government to help us identify a Honorary Trade Commissioner in Vietnam to represent us,” added Minister Maru.
