Illustrative image (Source: VNA) HCM City (VNA) –The Latin America is a promising market for Vietnamese firms, as heard theVietnam – Latin America trade and investment forum held in Ho Chi Minh City onNovember 13.
Deputy Minister of Industry and Trade Do ThangHai said Latin America’s economic growth ranks second globally, only behindAsia. In recent years, the region has become an important trade partner ofVietnam with an annual growth of nearly 20 percent.
Two-way trade hit 13.49 billion USD last year,7.91 billion USD of which was Vietnam’s exports. Brazil, Argentina, Mexico andChile have their trade with Vietnam surpassing 1 billion USD.
Deputy head of the trade ministry’s Departmentof European – American Markets Vo Hong Anh said trade between Vietnam and LatinAmerica remains modest compared to potential. She pointed out that the region’stotal trade topped 2 trillion USD per year, but Vietnam’s export to the regionstood at only about 8 billion USD.
Vietnam has invested hundreds of millions USD inoil and gas exploration and exploitation in Peru, telecommunication in Haitiand Peru, and instant noodle production in Brazil.
According to experts, the great geographicaldistance between both sides is the largest obstacle to trade due to hightransportation cost. Moreover, both sides lack information about each other’s marketsand partners while trade protectionism is common in several Latin Americancountries.
Nguyen Van Thanh, Director of Long LongChemicals company which is investing in Latin America, said the region boasts apopulation of more than 650 million people and an average income per capita of15,000 – 16,000 USD per year so that demand for consumer goods is huge,including those of Vietnam’s strength such as rice, footwear, apparel,aquaculture, wooden furniture and computers.
On the other hand, Latin America is an importantsupply source of materials for Vietnam’s for export production.
Chilean Ambassador to Vietnam Jaime Chomali saidmany Vietnamese products are now popular in the country.
He suggested that Vietnam should boost theexport of tra fish, leather, footwear, tea and coffee to Chile.
Chilean firms want to learn more about businessopportunities in Vietnam, he said.
Peruvian Ambassador to Vietnam Augusto MorelliSalgado said the potential of bilateral cooperation remains huge because thetwo economies are supplementary to each other.
He asked for tapping business opportunities tomake breakthrough in Vietnam – Latin America economic and trade ties.
Vietnam set the goal oflifting two-way trade to 15-18 billion USD and attracting 3 billion USD ininvestment from Latin America by 2021. -VNA
Deputy Minister of Industry and Trade Do ThangHai said Latin America’s economic growth ranks second globally, only behindAsia. In recent years, the region has become an important trade partner ofVietnam with an annual growth of nearly 20 percent.
Two-way trade hit 13.49 billion USD last year,7.91 billion USD of which was Vietnam’s exports. Brazil, Argentina, Mexico andChile have their trade with Vietnam surpassing 1 billion USD.
Deputy head of the trade ministry’s Departmentof European – American Markets Vo Hong Anh said trade between Vietnam and LatinAmerica remains modest compared to potential. She pointed out that the region’stotal trade topped 2 trillion USD per year, but Vietnam’s export to the regionstood at only about 8 billion USD.
Vietnam has invested hundreds of millions USD inoil and gas exploration and exploitation in Peru, telecommunication in Haitiand Peru, and instant noodle production in Brazil.
According to experts, the great geographicaldistance between both sides is the largest obstacle to trade due to hightransportation cost. Moreover, both sides lack information about each other’s marketsand partners while trade protectionism is common in several Latin Americancountries.
Nguyen Van Thanh, Director of Long LongChemicals company which is investing in Latin America, said the region boasts apopulation of more than 650 million people and an average income per capita of15,000 – 16,000 USD per year so that demand for consumer goods is huge,including those of Vietnam’s strength such as rice, footwear, apparel,aquaculture, wooden furniture and computers.
On the other hand, Latin America is an importantsupply source of materials for Vietnam’s for export production.
Chilean Ambassador to Vietnam Jaime Chomali saidmany Vietnamese products are now popular in the country.
He suggested that Vietnam should boost theexport of tra fish, leather, footwear, tea and coffee to Chile.
Chilean firms want to learn more about businessopportunities in Vietnam, he said.
Peruvian Ambassador to Vietnam Augusto MorelliSalgado said the potential of bilateral cooperation remains huge because thetwo economies are supplementary to each other.
He asked for tapping business opportunities tomake breakthrough in Vietnam – Latin America economic and trade ties.
Vietnam set the goal oflifting two-way trade to 15-18 billion USD and attracting 3 billion USD ininvestment from Latin America by 2021. -VNA
VNA
