08:41 | 07/01/2019 Trade
(VEN) - Secretary of Argentina’s Embassy in Vietnam, Carmen Rivero tells Vietnam Economic News’ Hoa Quynh that local business needs to pay greater attention to consumer cultures and demands in order to access the Argentine market.
What are your assessments of Vietnamese-Argentine trade?
Bilateral trade has been growing well in recent years to reach more than US$3 billion in 2017. Argentina has become Vietnam’s second largest Latin American trade partner. Bilateral trade has not only grown in value and quantity but also diversified in terms of goods categories. Argentina exported electronics, cotton, animal feed, wine and beef, while Vietnam exported textiles, garments, footwear, electronics, wood, rubber, coffee and animal feed.
Data show that bilateral trade reached almost US$2.8 billion in the first 10 months of 2018. While it is a positive achievement, this year the two countries set a target of diversifying traded goods and increasing trade value. Actually, half of the bilateral trade value came from Argentine animal feed and cotton and Vietnamese textiles, garment and footwear.
What should Vietnamese businesses do to expand their niche in Argentina?
Argentine authorities including trade managers said at meetings with Vietnamese trade promotion delegations that Vietnamese businesses need to look for Argentine partners who can help them learn about local consumer tastes and demands as well as the new if they are to increase exports to this market. For example, Japanese electronics products are always the first choice for Argentineans, with the second choice being those from the Republic of Korea. Therefore, Vietnamese businesses must specify their market segments before entering the Argentinean market.
Vietnam has just adopted the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). How will this impact bilateral trade?
Argentina is not part of this agreement so the impact will be limited. However, Argentina is implementing open policies, supporting free trade and attracting foreign investors, so trade with Vietnam will develop better in the future. The two countries are working to implement signed cooperative agreements and reach agreements on fruit exports and imports. Argentina is also creating conditions for Argentine companies to research the Vietnamese market and increase cotton and wine exports to Vietnam.