TEHRAN – The Trade Promotion Organization of Iran director stated that 7 MOUs and accords were signed between Iran and Vietnam during the Iranian commerce minister’s visit to that country.

Babak Afqahi told Islamic Republic of Iran Broadcasting that during the two-day visit the development of economic and trade relations, fishery cooperation, private sector cooperation and investments, omission of double taxation, customs cooperation and an agreement between the two countries oil companies were agreed upon.
Afqahi said the two sides also agreed to increase their trade next year to $300 million.
Last year’s trade was $130 million.
The Iranian commerce minister accompanied by a trade delegation visited Vietnam last week to take part in the sixth joint economic and trade committee meeting between the two countries.
Meanwhile, in a meeting between the Vietnamese Minister of Agriculture and Rural Development Cao Duc Phat and the former Iranian Minister of Commerce Masoud Mirkazemi held in Tehran in December 2007, the two ministers agreed to expand their countries’ cooperation in trade, investment, culture, sports and tourism.
Bilateral trade between Iran and Vietnam reached $100 million in 2005 and $77 million in 2006, declining due to a reduction of rice exports from Vietnam.
Vietnamese oil company Petrovietnam won a contract to explore oil in the Danan block in western Iran, committing to at least $115 million in investment in a contract with the National Iranian Oil Company in March 2008.
According to the website of Vietnam’s Embassy in Tehran, Iran suggested in February 2008 that the two countries should enhance cooperation in agriculture and fishing industries.
During an April 2009 meeting with Iranian Foreign Minister Manouchehr Mottaki, Deputy Foreign Minister Doan Xuan Hung called for the expansion of economic cooperation between Hanoi and Tehran, especially in the field of gas and oil.
In May 2009, the Iranian Export Development Bank and Vietnamese Vietin Bank signed a letter of understanding, promoting commercial ties between Vietnam and Iran. In June 2009, the Iranian Wagon Pars Company agreed to produce 200 passenger railway cars for the Vietnamese Railroad Company.
In September 2009, Tehran and Hanoi established the Iran-Vietnam Friendship Association to enhance bilateral ties between the two countries. 
The Vietnamese Deputy Chairman of the association said that “cooperation between the two countries in different fields, including agriculture, oil and gas, has been bolstered.
In the same month, an Iranian delegation traveled to Vietnam where the Iran Central Cooperative Chamber and the Vietnam Cooperatives Union signed a memorandum of understanding on boosting cooperative ties.
During a November 2009 visit to Hanoi by an Iranian delegation, Iran and Vietnam agreed to set up trade council offices in both capital cities to boost economic cooperation