Latin America desires to import more Vietnamese agricultural products | Economy

The information was released at the Vietnam – Latin America Trade Forum 2022 which was organized by the Ministry of Industry and Trade in collaboration with the Ho Chi Minh City People’s Committee this morning with the participation of more than 100 enterprises from Latin America and Vietnam.

At the Vietnam – Latin America Trade Forum 2022

Speaking at the forum, Deputy Minister of Industry and Trade Do Thang Hai said that after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed, the trade and investment between Vietnam and Latin America has seen high growth. Particularly, in 2021, the bilateral trade turnover will gain US$21.4 billion. Of which, export of Vietnam to Latin America reached US$12.5 billion, increasing 46.4 percent over 2020 while import of Vietnam from the region gained US$8.9 billion, surging 20.2 percent.

In 2022, the world economy in general as well as the economies of Vietnam and countries in Latin America have fluctuated. However, the bilateral trade turnover between Vietnam and Latin America maintained growth momentum.

Apart from the top countries with high bilateral trade turnover including Brazil, Mexico, Argentina, Chile and so on, emerging markets comprising Panama, Colombia, Peru have been on the bright spot in the trade exchange of Vietnam with Latin America.

In 2021, the trade turnover between Vietnam and the markets gained highly, comprising US$674.7 million from Colombia surging 41.5 percent, US$633.7 million from Peru increasing 62 percent and US$465.6 million from Panama increasing 45.5 percent.

Deputy Chairman of the municipal People’s Committee Vo Van Hoan said that the Latin American region still had a lot of room for Vietnamese enterprises to expand their business activities, especially products of textiles, footwear, agricultural and aquatic products and so on.

Vice versa, the Latin American region will be a market for importing, providing important materials for the Vietnamese production sector with main products such as corn, soybean, animal feed and so on. Besides, the two sides will have potentials to develop supporting industries, manufacturing, logistics and digital transformation.

HCMC People’s Committee Deputy Chairman Vo Van Hoan suggested the two sides strengthen the trade promotion and create favorable conditions for enterprises to access and implement investment activities.

It is known that the forum will focus on discussion about the situation of the Latin American market in the current context, opportunities and challenges for Vietnamese enterprises in the region in general and in each market in particular, especially emerging markets.

Besides, the forum shall provide information related to cargo distribution channels in the Latin America region, share actual experience in trade transactions with Latin America partners and propose practical solutions for Vietnamese businesses, including ones in the fields of transport and logistics to enhance the import- export efficiency to this region.

By Ai Van- Translated by Huyen Huong

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