Viet Nam eyes fruitful Argentina partnership
Viet Nam eyes fruitful Argentina partnership
As one of the biggest nations in Latin America, with a population of over 40 million and huge demand for goods, Argentina is an attractive market for Vietnamese traders and investors, noted Deputy Minister of Ministry of Industry and Trade Tran Tuan Anh at the Viet Nam-Argentina Business Linking event held in Ha Noi yesterday.
Despite the negative impact of the global economic recession, Anh said, two-way trade turnover between Viet Nam and Argentina by the end of November rose 3 per cent over the same period last year, reaching US$1.01 billion, with exports from Viet Nam accounting for $154.5 million. The trade balance between the two nations is now leaning toward Argentina.
At the conference, which aimed to strengthen trade ties and offer opportunities for the business communities of both countries, representatives discussed potential cooperation in various fields including food and beverages, garments and pharmaceuticals, as well as other consumer products and construction materials.
In recent years, Argentina has consistently been the second-largest importer of goods from Viet Nam, just after the USA. The key products Viet Nam exports to Argentina are footwear and accessories, rubber, garments, mechanical equipment and electronic products. Argentine imports are dominated by soybeans, plant and animal fats, cereals, leather and fuels.
Yet by the end of last year, there was only one Argentine investment project in Viet Nam, worth US$120,000. This put the South American country in 92nd place among the 98 nations investing in Viet Nam, said Doan Duy Khuong, deputy chairman of the Viet Nam Chamber of Commerce and Industry (VCCI).
The governments of the two sides were committed to creating favourable conditions to increase trade, Anh said. Argentine domestic trade secretary Guillermo Moreno agreed to boost trade cooperation with Viet Nam, predicting that bilateral trade would amount to $1.5 billion by 2015.
The VCCI has also established a Viet Nam-Latin America Business Council to gather Vietnamese businesses interested in expanding into Latin American countries, including Argentina. The council assists enterprises in surveying markets, promoting trade and solving any problems that arise.
The event was organised by the VCCI in coordination with the Embassy of Argentina in Viet Nam on the occasion of Argentina President Cristina Fernandez's visit to Viet Nam from January 19 to 21.
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