Vietnam, Venezuela towards higher trade turnover

10:19 | 22/09/2015 Cooperation

(VEN) - During the official visit of Venezuelan President Nicolas Maduro Moros to Vietnam, the two sides agreed on bringing two-way trade turnover to more than US$1-2 billion within the next few years.

Vietnam, Venezuela towards higher trade turnover

Vietnamese President Truong Tan Sang receives his Venezualan counterpart Nicolas Maduro Moros - Photo: Reuters

Welcoming Vietnamese businesses

President Nicolas Maduro Moros said that Venezuela saw Vietnam as an important partner and would make greater efforts to tighten the relationship between the two countries. Venezuela is ready to support Vietnam in strengthening trade and investment cooperation with 19 Caribbean islands where are home of around 80 million people and the PetroCaribe members, an oil alliance of many Caribbean states with Venezuela.

Venezuela is also ready to help Vietnam promote trade and investment in this country and welcome Vietnamese businesses to seek cooperative opportunities in the coming time. In addition, they will actively overcome difficulties for an oil and gas joint venture between the two countries.

President Nicolas Maduro Moros said that Venezuela had 30 million ha of agricultural land suitable for development and was ready to roll out agricultural cooperation projects between the two countries. Venezuela currently imports more than 85 percent of its basic necessities and the president hoped Vietnam could meet part of this demand.

The two sides stressed the importance of the signing of an agreement on agricultural projects during the 2015-2018 period in order to create a legal basis for the deployment of cooperation projects in food production, seafood farming and livestock breeding in Venezuela in the coming time as well as agreed on implementing cooperation projects between the two countries in the manufacturing and processing industry, infrastructure and social housing construction, building material and electronic equipment production.

Creating a breakthrough in trade relations

Bilateral trade turnover between the two countries has recorded steady growth from US$30 million in 2013 to US$62.7 million in 2014. Vietnam has achieved a trade surplus with Venezuela through garments and textiles, footwear, phones and accessories, electronics, food and foodstuffs and the main imports of garments and textiles, leather and footwear raw materials, rubber, machinery and equipment and spare parts.

The Venezuelan president met Prime Minister Nguyen Tan Dung to discuss specific measures to strengthen cooperation in the coming period. The two sides agreed on effectively implementing cooperation activities in terms of oil and gas, energy, consumer goods production, housing construction, agriculture and seafood.

Venezuelan President Nicolas Maduro Moros had meetings with leaders of the party, the government and the National Assembly of Vietnam. He also held a talk with the Vietnamese business community and called for expanding trade with Venezuela.


Nguyen Huong