Vietnam, Argentina work to boost trade

08:34 | 15/12/2017 Cooperation

Deputy Minister of Industry and Trade Tran Quoc Khanh met with Argentine Foreign Minister Jorge Faurie in Buenos Aires, on December 13, to discuss the trade and economic cooperation between Vietnam and Argentina.

Deputy Minister of Industry and Trade Tran Quoc Khanh (left) met Argentine Foreign Minister Jorge Faurie in Buenos Aires on December 13 - Photo: VNA

At the meeting, which took place on the sidelines of the 11th WTO Ministerial Conference, both sides praised their economic, trade and investment cooperation in recent years.

They agreed to seek trade stimulation measures together, while Khanh suggested that Argentina creates favourable conditions for Vietnamese products to enter the South American market in order to balance the trade between the two countries.

They highlighted their coordination in preparation for next year’s trip to Vietnam to be made by Argentine President Mauricio Macri on the occasion of 45th anniversary of the founding of bilateral diplomatic relations.

Both said that the official visit would reinforce the two countries’ comprehensive partnership.

Vietnam and Argentina established a comprehensive partnership in 2010, with bilateral trade increasing tenfold in the past 10 years, from approximately 300 million in 2006 to exceed 3 billion USD in 2016.

According to the General Department of Vietnam Customs, in the first 10 months of 2017, Vietnam – Argentina trade hit US$2.62 billion, up 8.87% from the same period last year, and is estimated to reach US$3.5 billion by year’s end.

Vietnam is now the sixth largest trade partner of Argentina. Vietnam mainly exports footwear, electronic products, garment-textile goods and agricultural machines to Argentina, while Argentina is the second largest foreign supplier of food and farm produce in Vietnam.