Ample room remains for expanding market share in Latin America: Official
Due to the impact of the global economy, the trade turnover between Vietnam and Latin America reached 13.4 billion USD in the first eight months of 2023.
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He made the remarks at the Vietnam-Latin America Trade Forum, which was co-organized by the MoIT and the People’s Committee of Ho Chi Minh City on September 14.
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| Vietnamese and Latin American businesses take part in B2B sessions. (Photo: VietnamPlus) |
The official said both countries have the ability to engage in efforts to handle challenges relating to food security and energy, and participating in the global supply chains that are being restructured.
Statistics from the MoIT showed that trade and investment ties between Vietnam and Latin America have been continuously growing and expanding despite difficulties at times in the region's markets.
Two-way trade turnover doubled to 23 billion USD last year from 14.2 billion USD in 2018 - when the first year Vietnam - Latin America Trade Forum was held.
Notably, apart from traditional markets like Brazil, Mexico, Argentina, and Chile, Panama, Colombia, and Peru have emerged as bright spots in trade ties between Vietnam and the region, he stressed.
The region has imported Vietnamese garments-textiles, footwear, and agro-fishery products, while exporting materials to Vietnam, serving the Southeast Asian nation’s production, Linh added.
Due to the impact of the global economy, the trade turnover between Vietnam and Latin America reached 13.4 billion USD in the first 8 months of 2023, down 14 per cent compared to the same period last year.
He also pointed out a string of challenges to their business cooperation such as the far geographical distance, the lack of direct transportation routes, high logistics costs, language barriers, and limited access to market information.
Given the current global economic instability, promoting bilateral economic relations is essential to accelerate economic recovery on a global scale. Thus, Linh hopes that the businesses of the two countries will cooperate closely to overcome challenges, create new growth drivers, and contribute to global economic recovery. Vietnam wants to build new cooperation frameworks with the Latin American region, he said.
Vietnam has completed an internal review related to free trade agreement negotiations with the Mercosur bloc, which comprises Brazil, Argentina, Uruguay, and Paraguay, Linh stated, expressing his hope that the two sides will soon start negotiations toward signing the agreement to facilitate bilateral trade and investment activities.
Economist Mario Schuff, Director in charge of Vietnam - Argentina relations of the Asian Chamber of Commerce, provided updates on Latin American market developments and analyzed challenges and opportunities for Vietnamese enterprises in the region.
Some Vietnamese businesses also shared their practical experiences in trade transactions with Latin American countries.
According to Nguyen Thi Thanh Ha, Sales Director of Napoli Coffee Company, it is necessary for Vietnamese enterprises to learn about consumption habits, distribution channels, and geographical conditions because this is a remote market, requiring long travel times, so products need to be given the best chance to survive long haul shipments.
Regarding payment, Vietnamese businesses should open a letter of credit to support both import and export, she said.
A B2B session was also held within the framework of the forum, with the participation of nearly 30 Latin American business delegations, which enabled Vietnamese businesses to learn about the demands and requirements of Latin American counterparts, thereby opening up opportunities for cooperation in the future.
(Source: VNA)
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