Widening trade cooperation between Vietnam and Uruguay

09:05 | 17/08/2019 Cooperation

The Vietnam Trade Promotion Agency (Vietrade) and the Uruguay’s Investment, Export and Country Brand Promotion Agency (Uruguay XXI) signed a Memorandum of Understanding (MoU) on trade promotion in Hanoi on August 14 in a bid to boost trade cooperation between the two countries.

Footwear is among Vietnam's main export product to Uruguay - Illustrative image

Vietrade Director Vu Ba Phu said that the signing of the MoU will be a foundation for the two sides to promote cooperation in trade promotion while supporting enterprises of both countries to strengthen the bond between both countries, contributing to raising bilateral trade volume in the future.

“We hope that the two sides will have more conditions to exchange business delegations, thereby enhancing understanding and strengthening relations between business communities of both countries,” Phu said.

Vietnam’s total import-export revenue to Uruguay reached US$140 million in 2018, up 19% over 2017 including US$82 million worth of Vietnam’s export revenue to Uruguay (up 17.3% against 2017) and US$58 million worth of Vietnam’s import revenue from Uruguay (up 21% over 2017).

Vietnam’ main export products to Uruguay include footwear, apparel, computers, electronic products and components, seafood, phones and components, and others.

Meanwhile, wood and wood products, leather and textile accessories, shoes, pharmaceuticals, milk and milk products, seafood, animal feed and chemicals are among main products that Vietnam imports from Uruguay.

The Uruguayan market has always been a high potentialmarket for Vietnamese enterprises, but due to geographical distance, enterprises of both sides have yet to have appropriate conditions to cooperate with each other.

Theo NDO