Hanoi (VNA)– A conference on Vietnam-Middle East business cooperation was held in Hanoi onAugust 28, drawing more than 40 leading Vietnamese export firms.

Addressing the event,Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that theMiddle East is a huge market and a gateway to the European market.

Vietnam eyes high hopefor exporting many agricultural products, including rice, tea, coffee,peppercorn, rubber, cashew, fruit, aquaculture products, to the 400-millionmarket of Middle East with 16 countries.

However, Cuong pointedout that trade revenue between the two countries remains low due todifficulties in payment as the two sides mostly pay via intermediary banks in Dubai,China and Singapore or some European countries with high cost.

Vo Quang Huy, Directorof Huy Long An company, said that the Middle East is a promising market forVietnamese bananas. He asked for more effective measures to support exportersin payment as well as building standards for goods exported to the market.

Le Thanh, head of the OrganicAgriculture Institute, asserted that vegetable export growth to the Middle Eastis high at 24 percent, which shows that this is a promising land for Vietnamesefirms.

However, logistics and payment have hindered Vietnam’s exports, he said,suggesting cooperation among firms.

Meanwhile, Tran Van Tri,Chairman of the Vietnam-Iran Business Council, proposed that the Governmentshould speed up banking cooperation to facilitate payment between the twocountries, along with preferential policies in tax.

Saleh Adibi, IranianAmbassador in Vietnam, said that the major obstacle hindering bilateralcooperation is banking. He suggested that Vietnamese firms can use Iran’s banksas Iran is linking with many banks around the world.

He said he hopesVietnam and Iran will soon sign a preferential trade agreement.

Statistics from theMinistry of Industry and Trade show that trade between Vietnam and Middle Eastcountries reached 10.887 billion USD, a rise of over 100 percent from 2011.Vietnam exported 8,059 billion USD worth of goods to and imported 2.82 billionUSD worth of goods from the market.-VNA