Mexico, Vietnam discuss trade boost
Mexico, Vietnam discuss trade boost
Vietnamese Deputy Minister of Industry and Trade Do Thang Hai praised the results of economic and trade cooperation with Mexico at the recent meeting of the Vietnam-Mexico Joint Committee for Economic, Trade and Investment Cooperation.
Deputy Minister of Industry and Trade Do Thang Hai speaks at the Vietnam-Mexico Business Forum |
Mexico, an attractive market
Vietnam and Mexico have obtained positive results in economic and trade cooperation, especially since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in early 2019. As a dynamically developing economy, Mexico is gradually becoming an attractive market, while Vietnam has become an emerging market of growing interest to Mexican companies. Mexico is currently Vietnam’s second largest trading partner in Latin America, while Vietnam is Mexico’s eighth largest trading partner in Asia.
According to the General Department of Vietnam Customs, two-way trade turnover increased by 37.5 percent in 2021 compared to the previous year, reaching US$5.06 billion. The figure hit US$2.33 billion in the first five months of 2022, a year-on-year increase of 21.9 percent.
Deputy Minister Hai said the joint committee is an effective and direct channel of exchange and consultation, promoting trade, agriculture, industry, taxation and customs arrangements between the two sides. He also expressed his delight with the results achieved by the two countries in realizing their dual task of fighting the COVID-19 pandemic and promoting economic growth, affirming that Vietnam seeks to deepen the relationship with Mexico.
Undersecretary for Foreign Trade in the Mexican Secretariat of Economy Luz Maria de la Mora said Vietnam is an important Mexican trading partner, being its 12th largest partner in the world.
Vietnam promotes tra fish exports to Mexico |
Making good use of trade deal
At the meeting, the two sides discussed measures to strengthen trade exchanges by taking advantage of opportunities provided by the CPTPP, diversifying the structure of export and import goods and facilitating each other’s market opening efforts.
The two sides agreed on continued support for businesses to make the most of CPTPP preferences. Accordingly, businesses will be provided with information about each other’s markets as well as support through trade and investment promotion activities.
The Vietnam-Mexico Business Forum held by the Vietnamese Ministry of Industry and Trade and the Mexican Secretariat of Economy engaged the interest of more than 100 businesses from the two countries, providing them with information about post-pandemic economic recovery, updated policies and solutions for favorable access to each other’s markets.
The event also provided the two countries’ business communities with opportunities to meet, seek partners and grasp new business trends, thereby contributing to economic, trade and investment cooperation between the two sides and accelerating the post-pandemic economic recovery of each country.
Many Vietnamese businesses are interested in the potential Mexican market. Vietnamese goods account for only 1.3 percent of the Mexican market share, leaving significant room for increased Vietnamese exports to this market by utilizing CPTPP preferences.
| Mexico is accelerating market opening efforts. In addition to consolidating trade relations with strategic partners, the country is also promoting the search for new markets. |
