Vietnam, Argentina expect trade to reach US$6 billion in 5 years
Vietnam, Argentina expect trade to reach US$6 billion in 5 years
Vietnam and Argentina are looking to double their two-way trade in the next five years to US$6 billion.
The Vietnam-Argentina Business Forum was held by the Vietnam Chamber of Commerce and Industry (VCCI) in the capital city of Hanoi today, February 22, as part of the three-day State visit by Argentine President Mauricio Marci, which wrapped up later in the day.
Attending the forum were the Argentine president, Vietnamese Deputy Prime Minister Vu Duc Dam, leaders of ministries and central agencies and representatives of more than 300 businesses.
Deputy Prime Minister Dam said that Vietnam and Argentina have seen relations in most sectors growing, especially economic cooperation, since the establishment of their diplomatic ties in 1973.
In 2018, bilateral trade between the countries reached roughly US$2.9 billion. As a result, Argentina is the second largest Latin American market for Vietnamese goods.
The products of each side have their own advantages, and the two countries can support each other without direct competition. The Southeast Asian nation ships textiles, garments and footwear to Argentina, while Argentina provides plant oil and animal fat, animal feed and their production materials to Vietnam.
“Vietnam is an important partner of Argentina in Southeast Asia and Asia as a whole. We are striving to become your most important trade partner,” said Dam.
He noted Argentina’s investment in the country remains modest, with only four projects, adding that the Vietnamese Government highly values these pioneer investors and hopes for more investment projects from the country.
Vietnam has pledged to create favorable conditions for foreign investors, including those from Argentina, to conduct long-term business, according to the deputy PM.
Highlighting Vietnam’s economic development, he said that the country is located in a dynamic region and has stable politics and society, a young and abundant workforce and a market of nearly 100 million people. It is also a gateway to the Association of Southeast Asian Nations, or ASEAN, with a combined population of more than 650 million.
The economy has sustained high growth for many years, reaching 7.08% in 2018. Its total trade revenue topped US$482 billion last year. Some 130 countries and territories are currently carrying out over 27,000 projects worth US$340 billion in Vietnam.
Dam expressed belief that with a stronger engagement of the two governments and businesses from the two countries, bilateral economic links will strengthen and contribute to sustainable relations.
Meanwhile, Argentine President Marci said that many large firms from his country had attended the forum to explore cooperation and business opportunities in Vietnam, the fifth largest trading partner of Argentina globally and the second largest in Asia.
He stressed that Vietnam is an increasingly important partner of Argentina and spoke highly of its significant achievements in the transformation of its economic model and with international integration.
Argentina not only wants to ship farmed products to Vietnam but is also looking for ways to cooperate in agricultural technology development, telecommunications, the use of atomic energy for peaceful purposes and soccer development, the leader added.
At the forum, representatives of the countries’ ministries, agencies and businesses discussed the advantages and potential of the two economies, along with measures to boost business-to-business connections.
On the occasion, the VCCI struck a cooperation agreement with the Argentine Chamber of Commerce and Services to map out an action program and set up a joint business council on investment promotion.
