The Embassy of Vietnam and the Iran-Vietnam Chamber of Commerce identified directions for strengthening bilateral cooperation in trade and investment. A meeting took place in Tehran between the Ambassador of Vietnam to Iran, Nguyen Luong Ngoc, and the President of the Iran-Vietnam Joint Chamber of Commerce, Mr. Seyed Mostafa Mousavi.
The meeting was held at the Chamber's headquarters and gathered members of the Vietnamese delegation, as well as representatives from Iranian business associations and enterprises. The goal of the discussion was to find ways to enhance economic, trade, and investment interaction between the two countries.
Mr. Mousavi emphasized Vietnam's significant economic potential and expressed readiness to expand cooperation in areas such as agriculture, industry, oil and gas, logistics, and tourism. He also highlighted the importance of strengthening business ties, promoting investment opportunities, and facilitating the exchange of delegations between the states.
Ambassador Nguyen Luong Ngoc noted the need to improve market information exchange, establish contacts between reliable partners, and resolve issues related to international payments and goods transportation. He particularly stressed the importance of turning cooperation proposals into concrete and practical steps.
The Ambassador confirmed the commitment of the Embassy of Vietnam to close interaction with the Iran-Vietnam Joint Chamber of Commerce, as well as with the business associations and enterprises of both countries to promote substantial, effective, and mutually beneficial economic, trade, and investment partnership.
The Vietnamese trade delegation arrived in Tehran on October 6 and stayed there until October 18. The delegation was led by Mr. Nguyen Dang Dinh. The main task of the mission was to expand Vietnam's commercial presence in the Middle East and engage directly with the Iranian market.
In Bandar Abbas, the delegation inspected Shahid Raji Port, studying container operations, temporary storage warehouses, and land leasing opportunities for agricultural products and re-export goods. Furthermore, they visited the Petro Pasargad bitumen refinery and received samples of 60/70 grade bitumen intended for export to Vietnam.
In Shiraz, the delegation participated in the Expo Shiraz International Exhibition and familiarized itself with the sectors of agriculture, petrochemicals, construction, tourism, healthcare, and handicrafts.
In Tehran, the delegation met with the CEO of Petro Pasargad and signed a memorandum of understanding on cooperation in the field of bitumen. The company produces about 300–400 tons per day but currently offers products mainly on FOB terms due to difficulties with port and export logistics. The delegation also visited the MED 26/Iran Med 2026 medical exhibition, met with Ohad Group—a manufacturer of oxygen generators and ventilators used in approximately 80% of Iranian hospitals—and discussed the possibility of establishing a joint production enterprise in Vietnam with phased technology transfer.
On October 16, DHT Mining Joint Stock Company and Petro Pasargad Hormozgan Company signed a memorandum of understanding regarding the supply and distribution of POH origin bitumen in Vietnam.
Dinh pointed out banking restrictions as the main operational problem and called for the implementation of flexible settlement mechanisms, such as bilateral barter or local currency settlements that meet regulatory requirements. The official trade volume between Vietnam and Iran is about 170 million US dollars, but the real potential is significantly higher, as the economies are complementary.
Priority sectors for immediate cooperation were named as agriculture and food processing, industrial raw materials such as specialty chemicals, construction materials, and polymers, as well as healthcare and pharmaceuticals, including medical equipment, active ingredients, and biotechnology.
Key obstacles include long transit times, high freight costs, and differences in quality compliance systems, such as Halal certification. The delegation recommended establishing direct links with regional logistics providers and achieving mutual recognition of regulators to standardize inspections and expedite customs clearance.
Thanks to 17 Vietnam Free Trade Agreements and access to 60 economies, there is a platform for joint ventures or production within Vietnam. This will allow Iranian companies to increase added value in Vietnam and jointly enter ASEAN markets and broader international markets under relevant rules. Subsequent actions should focus on clarifying commercial terms, logistical solutions, and specific cooperation mechanisms when assessing legal, financial, and technological feasibility.