TEHRAN- Vietnamese Ambassador to Iran Nguyen Luong Ngoc and Mr. Seyed Mostafa Mousavi, President of the Iran–Vietnam Joint Chamber of Commerce, met at the Chamber’s headquarters in Tehran on Saturday, together with members of the visiting Vietnamese trade delegation and representatives of Iranian business associations and enterprises, to discuss ways to strengthen bilateral economic, trade and investment cooperation.
During the meeting, Mr. Mousavi highlighted Vietnam’s strong economic potential and expressed interest in expanding cooperation in agriculture, industry, oil and gas, logistics and tourism. He also emphasized the importance of strengthening business ties, promoting investment opportunities and facilitating exchanges of business delegations between the two countries.
Ambassador Nguyen Luong Ngoc underscored the need to enhance the exchange of market information, establish connections between reliable business partners and address challenges related to international payments and goods transportation. He stressed the importance of translating cooperation proposals into concrete and practical initiatives.
The Ambassador reaffirmed the Embassy of Vietnam’s commitment to working closely with the Iran–Vietnam Joint Chamber of Commerce, business associations and enterprises from both countries to promote substantive, effective and mutually beneficial economic, trade and investment cooperation.
A Vietnamese trade delegation arrived in Tehran on October 6 and stayed until October 18, led by Mr. Nguyen Dang Dinh. The mission aimed to expand Vietnam’s commercial reach in the Middle East and engage directly with Iran’s market.
The delegation visited Bandar Abbas, where it assessed Shahid Rajaee Port, including container operations, bonded storage facilities, and possible land leasing for agricultural commodities and re-export goods. It also visited Petro Pasargad’s bitumen refinery and obtained samples of 60/70 penetration-grade bitumen exported to Vietnam.
In Shiraz, the delegation attended Expo Shiraz International Exhibition and explored agriculture, petrochemicals, construction, tourism, healthcare, and handicrafts.
In Tehran, it met Petro Pasargad’s CEO and signed an MoU on bitumen cooperation; the company produces about 300–400 tonnes per day and currently offers products mainly FOB due to port and export difficulties. The delegation also visited the MED 26/Iran Med 2026 medical equipment exhibition, met Ohad Group—a manufacturer of oxygen generators and ventilators used in about 80% of Iranian hospitals—and discussed a possible joint-venture manufacturing facility in Vietnam with phased technology transfer.
On October 16, DHT Mining Joint Stock Company and Petro Pasargad Hormozgan Company signed an MoU covering provision and distribution of POH-origin bitumen in Vietnam.
Dinh identified banking restrictions as the main operational concern and called for flexible settlement frameworks such as bilateral barter trade or compliant local-currency clearing. Official Vietnam–Iran trade is around $170 million, but actual potential is significantly higher because the economies are complementary.
Priority sectors for immediate cooperation include agriculture and food processing; industrial raw materials such as specialty chemicals, construction supplies, and polymers; and healthcare and pharmaceuticals, including medical equipment, active ingredients, and biotechnology.
Key bottlenecks include long transit times, high freight costs, and differing quality-compliance frameworks such as Halal certification. The delegation recommended direct links with regional logistics providers and mutual recognition between regulators to standardize inspections and expedite customs clearance.
Vietnam’s 17 free trade agreements and access to 60 economies offer a platform for joint ventures or Vietnam-based production, enabling Iranian firms to add value inside Vietnam and jointly access ASEAN and wider international markets under compliant arrangements. Follow-up should focus on clarifying commercial terms, logistics arrangements, and specific cooperation mechanisms while assessing legal, financial, and technological feasibility.
MA
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