Hue, who is on an official visit to the Middle East nation, appreciated the role and extensive network of the chamber, with 34 branches nationwide. He affirmed that the recently signed agreement between the two parliaments would provide a framework for enhanced collaboration between chambers of trade and industry.

The top legislator stated that the two economies do not compete but complement each other, with great potential for development cooperation. Vietnam currently has a synchronised legal system that is constantly updated to create the best conditions possible for investors, including those from Iran.

He informed that the 10th meeting of the Vietnam-Iran joint committee will consider establishing an effective payment mechanism between the two sides

Highlighting a memorandum of understanding on plant and animal quarantine signed between agricultural ministries will facilitate the export of goods to Vietnam, Hue noted that the Southeast Asian nation has a significant demand for bitumen and petrochemical products.

He also proposed that both countries send business delegations to participate in trade fairs to learn about each other's investment environment.

For his part, Selahvarzi said the ICCIMA and the Vietnam Chamber of Commerce and Industry have set up a business office to promote bilateral trade and investment.

He said that Iran could provide products in fields of its strength such as construction materials, pharmaceuticals, and bitumen.