10:19 | 15/08/2018 Cooperation
(VEN) - The Vietnam Trade Promotion Agency will boost its efforts to promote bilateral trade with Argentina by organizing forums, fairs, exhibitions and exchanges between the two countries. Despite the growing trade between the sides, Vietnam has posted a trade deficit with its Latin American ally.
This year marks the 45th anniversary of diplomatic relationship between Argentina and Vietnam. During an official visit to Vietnam recently by Argentine Minister of Foreign Affairs and Worship Jorge Faurie, the Argentine Embassy in Vietnam and the Vietnamese Ministry of Industry and Trade co-hosted an Argentina-Vietnam Business Forum.
Faurie told participants that given the many uncertainties in the world economy, mutual trust and measures to promote multilateral mechanisms and trade liberalization, as well as respect for international law are the key to growth. Argentina has made greater efforts to reform its economy, and has boosted trade relations with the European Union, ASEAN in particular and Asian countries in general.
Faurie praised the productive relationship and growing trade between Argentina and Vietnam, affirming that Argentina will attempt to promote and diversify trade relations and multifaceted cooperation with Vietnam in the coming time. He noted that Argentine businesses are interested in Vietnam in the areas of biotechnology, services, pharmaceuticals and engineering, and expressed hope that the two sides will expand trade exchanges.
In addition to boosting exports to Vietnam, Argentine businesses are also looking for partners to import Vietnamese specialty products. Argentina encourages Vietnamese businesses to learn about its market and introduce key products to Argentine consumers.
Efforts to promote trade
Doan Thi Thu Thuy, deputy head of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said Argentina is Vietnam’s second largest trade partner in Latin America, while Vietnam is Argentina’s fifth largest import market in the world. Trade turnover between the two countries has seen encouraging growth in recent years, hitting US$3 billion in 2017 and more than US$1.5 billion in the first half of this year. Vietnam’s exports to Argentina include garments and textiles, leather and footwear, and mobile phone components, while importing food, foodstuff, and animal feed.
Since the beginning of the year, the Vietnam Trade Promotion Agency and the Ministry of Industry and Trade have cooperated with Argentina’s Federal Investment Council to organize a number of exchange programs. They are also supporting the two business communities in understanding market trends and introducing their main products, and seeking trade and investment opportunities in order to contribute to strengthening economic cooperation.
In March, the Vietnamese Embassy in Argentina in coordination with the Argentine Chamber of Commerce for Asia and the Pacific held a forum on business opportunities via international expos in Vietnam. The event attracted a large number of Argentine businesses interested in the Vietnamese market. In September, Argentina will welcome a delegation of Vietnamese business representatives to explore opportunities for cooperation. The two sides will also hold a meeting of the intergovernmental committee to promote cooperation programs.
A large number of Vietnamese businesses and leading Argentine companies operating in the fields of meat, fish,
seafood, processed food, beverages, fruit, animal feed and pharmaceuticals took part in this year’s Argentina-
Vietnam Business Forum.