Vietnam-Argentina trade: Untapped potential

10:01 | 21/10/2019 Cooperation

(VEN) - Economic cooperation and trade between Vietnam and Argentina have grown in recent years but remain incommensurate with the potential and advantages of each country. Luis Agustin Costas, Deputy Head of Mission at the Argentine Embassy in Hanoi, told Vietnam Economic News’ Hoa Quynh that he believes there’s still much room for trade growth.

vietnam argentina trade untapped potential
Luis Agustin Costas, Deputy Head of Mission at the Argentine Embassy in Hanoi

In recent times, the Argentine Embassy in Vietnam organized events to introduce Argentine products. What is the potential of the Vietnamese market for Argentine goods?

The Vietnamese economy has grown impressively over the past decade, as seen in consumption data. Compared with other ASEAN countries, Vietnam is a market of great potential for Argentine agricultural products. Our food products are clean and processed according to the world’s strictest standards. Therefore, we believe our products can meet the requirements of the most discerning customers in Vietnam.

Vietnam has signed free trade agreements (FTAs) with many countries. Could you indicate the advantages which can help Argentine goods compete with products of these countries in the Vietnamese market?

Argentine food products are of high competitiveness in the global market thanks to their high quality. The building of national brands has also helped enhance their competitiveness. Agricultural products in which Argentina enjoys advantages, such as wine, beef, goat and sheep meat, cooking oil, animal feed and consumer food, are known to consumers worldwide. We hope these products will enter the Vietnamese market in the near future.

Despite its growth, bilateral trade between Vietnam and Argentina remains incommensurate with its potential. What do you think should be done to increase it?

The two economies are complementary, creating much room for bilateral trade growth. On the occasion of Argentine President Mauricio Macri’s visit to Vietnam in February 2019, a Vietnam-Argentina business forum was held with participation of Argentine companies operating in various fields. They introduced their products and took the initiative in seeking Vietnamese importers. Hopefully, through the exchange of high-level visits and business delegations, our two countries can better understand each other’s markets and increase cooperation for mutual benefit.

vietnam argentina trade untapped potential

Vietnamese footwear exporters have an opportunity to get their foot in the Argentine market door

The bilateral cooperation agreement signed this year between the Vietnam Trade Promotion Agency (VIETRADE) and the Argentine Agency of Investment and International Trade (AAICI) will help promote the presence of Argentine products in the Vietnamese market, and vice versa.

The two agencies will intensify trade promotion activities through industry and trade fairs and exhibitions in Argentina. These activities will help the Argentine people and businesses learn about key Vietnamese exports.

The cooperation agreement between the Argentine Chamber of Commerce (CAC) and the Vietnam Chamber of Commerce and Industry (VCCI) will also help businesses access each other’s markets.

Hoa Quynh