Vietnam-Argentina trade:

Positive development amid Covid-19 pandemic

15:20 | 11/11/2021 Cooperation

Over the past two years, the Covid-19 pandemic has changed and profoundly impacted global economic activities. But despite the difficulties, trade cooperation between Vietnam and Argentina recognizes a positive development. This is what Ambassador of the Republic of Argentina to Vietnam - Mr. Luis Pablo Maria Beltramino - emphasized during the talk with the Newspaper of Industry and Trade reporter. 

positive development amid covid 19 pandemic
Mr. Luis Pablo Maria Beltramino, Ambassador of the Republic of Argentina to Vietnam

Before the impact of the pandemic, could you tell us how trade and economic cooperation between Vietnam and Argentina has been affected?

As we all see, in the past two years, especially in 2021, the Covid-19 pandemic broke out, causing many negative impacts on the global economy, trade and supply chain. During this period, trade between countries cannot avoid temporary disruption. However, a very positive signal for the trade cooperation between Argentina and Vietnam is that despite the Covid-19 pandemic, trade between Argentina and Vietnam continues to grow sustainably in the export sector. Accordingly, in 2020, bilateral trade increased five percent compared to 2019, reaching US$3.6 billion, in the first eight months of 2021 alone, it reached US$3 billion. More positively, it is forecasted that by the end of the year when the economic situation will be better, the result would surpass the figure of US$4 billion.

Notably, in August, a meeting of the Intergovernmental Committee on Economic and Trade Cooperation between Argentina and Vietnam already took place, co-chaired by the Ministry of Foreign Affairs of Argentina and the Ministry of Industry and Trade of Vietnam. On this occasion, the leaders of the two sides agreed to strengthen trade exchanges and pledged to promote market opening for the products of both countries, as well as explore other areas of cooperation such as using peaceful use of nuclear energy, satellite services, social housing, tourism and sports. This event is one of the basis for us to expect the economic cooperation as well as trade between the two countries to develop positively.

The Vietnamese government has adopted a policy of flexibly adapting to the epidemic and gradually recovering the economy. What do you think of the opportunities for Vietnam's economic recovery?

We must be well aware that the Covid-19 pandemic has had a comprehensive impact on the international community and every country in the world in general. No country can escape from the impacts of the Covid-19 disaster and the cooperation and solidarity of all countries is the only solution that can help us to get out of the current situation and move on and continue the path of development and stability.

Vietnam has gone through a difficult period when facing the fourth wave of the Covid-19 pandemic. However, with great efforts and determination, Vietnam has achieved positive results in the prevention of the Covid-19 pandemic in the field of quarantine, supporting and taking care of people, maintaining the supply chain, and ensuring the circulation of goods. Based on the achievements in the fight against the Covid-19 epidemic, changing into the state of flexibly adapting to the pandemic and promoting economic recovery, in my opinion, is a correct and timely policy of the Government of Vietnam. Simultaneously with flexible solutions and decisions, I believe that Vietnam's economy will recover quickly and continue to develop strongly.

positive development amid covid 19 pandemic
Vietnam-Argentina trade reached US$3 billion in the first eight months of 2021

Now that Vietnam's economic activities have returned to a new normal, what are your expectations for Vietnam-Argentina trade cooperation in this context?

In 2020, Vietnam was Argentina's fifth largest trading partner in the world. For Vietnam, Argentina was the third largest trading partner in Latin America. 93 percent of Argentina's exports are included in Vietnam's production value chain and most are exported, contributing to Vietnam's global surplus. With this good relationship, it is expected that the two countries will be able to continue the common cooperation path, further tighten the traditional bilateral cooperation relationship, as well as further deepen the trade cooperation that the two countries have achieved and maintained together for the past two decades.

Even in the middle of implementing pandemic prevention measures, we have taken advantage of conducting market research to look for opportunities for commercial cooperation, accompany and respond to proposals and consultations of private sectors from the both sides. In particular, we also participate in online bilateral meetings and seminars to seek solutions to promote economic and trade cooperation between the two countries. At this point, we will restart trade promotion activities in Vietnam after a pause in order to control the Covid-19 pandemic.

Hoa Quynh