Paraguay wants to expand economic cooperation with Vietnam

Buenos Aires (VNA) – Paraguayan Minister of Industry and Commerce Javier Gimenez has expressed his hope to expand economic cooperation with Vietnam and the Association of Southeast Asian Nations (ASEAN) as a whole.

During a recent working session with Vietnamese Ambassador Ngo Minh Nguyet and the Ambassadors of Indonesia, Malaysia and the Philippines in Buenos Aires, he affirmed that Vietnam and Paraguay hold huge cooperation potential in the areas of economy, trade and investment.

He briefed the ambassadors on Paraguay’s economic and trade activities, attraction of foreign investments as well as trade cooperation potential with ASEAN member states.

Statistics from the Paraguayan Ministry of Industry and Commerce showed that trade revenue between Vietnam and Paraguay reached 240 million USD in 2023, of which Vietnam’s exports were worth nearly 110 million USD, and import 130 million USD.

During the 2021-2023 period, Vietnam shipped telephones and components, footwear, garment and textile, automobile tires and electronics to Paraguay while importing soybeans, meat meal, cotton, frozen beef and corn from the country.

According to the World Bank, Paraguay’s economy grows at a faster pace than the Latin America’s average thanks to its macro-economic stability and a favourable exernal environment. Last year, its gross domestic product (GDP) growth hit 4.7%, the highest in the region.

Paraguay, a member of the Southern Common Market (Mercosur) together with Brazil, Argentina and Uruguay, offers various tax incentives with the lowest average rate in the South American region./.