Việt Nam, Uruguay seek to expand economic, trade and investment ties

Việt Nam, Uruguay seek to expand economic, trade and investment ties

The two sides reviewed bilateral cooperation in trade, investment, customs, agriculture, science and technology since the committee’s third session in April 2023, while discussing measures to further advance economic ties.

Vietnamese Deputy Minister of Industry and Trade Phan Thị Thắng (left) and Uruguayan Deputy Foreign Minister Valeria Csukasi sign the minutes of the fourth session of the Joint Committee on Economic, Trade and Investment Cooperation. — Photo tapchicongthuong.vn

Việt Nam and Uruguay convened the fourth session of their Joint Committee on Economic, Trade and Investment Cooperation in Hà Nội on Tuesday, agreeing to expand cooperation and unlock new opportunities for bilateral trade and investment.

The meeting was co-chaired by Vietnamese Deputy Minister of Industry and Trade Phan Thị Thắng and Uruguayan Deputy Foreign Minister Valeria Csukasi.

The two sides reviewed bilateral cooperation in trade, investment, customs, agriculture, science and technology since the committee’s third session in April 2023, while discussing measures to further advance economic ties.

Deputy Minister Thắng said economic and trade relations between Việt Nam and Uruguay have developed positively, with strong growth in bilateral trade highlighting significant room for further expansion.

The two economies have complementary trade structures, creating opportunities for mutually beneficial value chains. Việt Nam supplies industrial, electronic and consumer goods, while Uruguay serves as a source of raw materials for Việt Nam’s production and export activities.

During the session, delegates discussed measures to boost two-way trade turnover and diversify the structure of imports and exports, aiming for a sustainable trade balance. The co-chairs agreed to step up trade promotion activities to help businesses from both countries to access each other's markets, while continuing discussions on opening up markets for each country’s key agricultural products.

Việt Nam and Uruguay welcomed the goodwill and determination shown in negotiations on the Việt Nam-MERCOSUR Preferential Trade Agreement (PTA), and pledged to work toward a successful first negotiating round as a foundation for subsequent rounds of negotiations and a mutually beneficial agreement.

The meeting also identified new areas of cooperation, including agriculture, customs, science and technology, software, timber processing, renewable energy, innovation, culture, sports and tourism.

Deputy Foreign Minister Csukasi highlighted Uruguay’s strengths in the food-processing industry and value-added agricultural products, noting that the country is also prioritising innovation, science and technology.

Within the multilateral framework, both countries are assuming important roles. Việt Nam is serving as Chair of the CPTPP Council in 2026 and will host APEC 2027, while Uruguay has held the pro tempore presidency of the Community of Latin American and Caribbean States (CELAC) since March and the rotating presidency of MERCOSUR since July. The roles provide opportunities to expand cooperation beyond bilateral ties to broader regional and market blocs.

The two sides also agreed to work closely to develop concrete action plans to effectively implement the outcomes of the meeting.

At the conclusion, Deputy Minister Thắng and Deputy Foreign Minister Csukasi signed the minutes of the fourth session of the Joint Committee.

They also exchanged a memorandum of understanding on cooperation between Việt Nam’s Trade Promotion Agency under the Ministry of Industry and Trade and Uruguay’s investment and export promotion agency (Uruguay XXI).

According to statistics, two-way trade between Việt Nam and Uruguay reached US$268.42 million last year, up 58.4 per cent from 2024. Việt Nam’s exports to Uruguay rose 64.8 per cent to $179.92 million, while imports from Uruguay increased 46.8 per cent to $88.50 million.

In the first six months of 2026, bilateral trade reached $148.35 million, up 21.8 per cent year on year. Việt Nam’s exports surged 57.5 per cent to $106.52 million, while imports fell 22.7 per cent to $41.83 million.

Việt Nam’s major exports to Uruguay include phones and components, footwear, toys and sports equipment, garments and textiles, computers and electronic products and components, and machinery and equipment.

Major imports from Uruguay include wood and wood products, milk and dairy products, textile, garment, leather and footwear materials, wheat, animal feed and raw materials, and chemicals. 

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