Illustrative image (Source: VNA) Hanoi (VNA) – Following Vietnam’s ratificationof the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), many Latin American countries have arrived in Vietnam to seek businessopportunities.
In a meeting with Latin American corporateexecutives recently held in Ho Chi Minh City, Deputy Minister of Industry andTrade Do Thang Hai said that economic and trade ties between Vietnam and LatinAmerican countries are growing. Vietnam has now formed trade ties with allcountries in the region, with two-way trade up nearly 20 times from 245 millionUSD in 2000, to 3.95 billion USD in 2010, and 13.49 billion USD in 2017.
Vietnam has poured hundreds of millions USD intooil and gas exploration and exploitation in Peru, telecommunications networksin Haiti and Peru, and instant noodle production in Brazil.
Meanwhile, Latin American investment in Vietnamremains modest, with four projects worth 3.2 million USD by Argentina, oneproject by Mexico, one by Chile, and two Peruvian companies in Vietnam.
It is attributable to the extended geographicaldistance, resulting in high transportation costs and the lack of informationabout each other’s business environments.
Uncertainties about global trade, the impact ofthe US-China trade war, and the return of protectionism in major markets inrecent years are among some of the obstacles they share.
According to Latin American firms, barriers willbe cleared once the CPTPP and bilateral trade agreements take effect.
Pham Huynh Mai Thanh from Vietnam Cacao JSC saidthat the entry of three Latin American countries to the CPTPP will help cutdown on customs procedures and import tariffs.
Nguyen Van Thanh, Director of Long LongChemicals Ltd, said that the region boasts a population of more than 650million and an average income per capita of 15,000-16,000 USD each year, meaningthat the consumption demand is huge. He added that the region is also animportant supplier of materials for production.
Vice General Secretary of the VietnamAssociation of Seafood Exporters and Processors To Thi Tuong Lan said that theassociation started planning to expand into the region five years ago.
Several Vietnamese seafood companies havealready accessed Brazil, with an export value of over 120 million USD, as wellas Mexico with nearly 80 million USD, and Colombia with around 50 millionUSD.
VASEP targets that export revenue from LatinAmerica will surpass 500 million USD by 2020.–VNA
In a meeting with Latin American corporateexecutives recently held in Ho Chi Minh City, Deputy Minister of Industry andTrade Do Thang Hai said that economic and trade ties between Vietnam and LatinAmerican countries are growing. Vietnam has now formed trade ties with allcountries in the region, with two-way trade up nearly 20 times from 245 millionUSD in 2000, to 3.95 billion USD in 2010, and 13.49 billion USD in 2017.
Vietnam has poured hundreds of millions USD intooil and gas exploration and exploitation in Peru, telecommunications networksin Haiti and Peru, and instant noodle production in Brazil.
Meanwhile, Latin American investment in Vietnamremains modest, with four projects worth 3.2 million USD by Argentina, oneproject by Mexico, one by Chile, and two Peruvian companies in Vietnam.
It is attributable to the extended geographicaldistance, resulting in high transportation costs and the lack of informationabout each other’s business environments.
Uncertainties about global trade, the impact ofthe US-China trade war, and the return of protectionism in major markets inrecent years are among some of the obstacles they share.
According to Latin American firms, barriers willbe cleared once the CPTPP and bilateral trade agreements take effect.
Pham Huynh Mai Thanh from Vietnam Cacao JSC saidthat the entry of three Latin American countries to the CPTPP will help cutdown on customs procedures and import tariffs.
Nguyen Van Thanh, Director of Long LongChemicals Ltd, said that the region boasts a population of more than 650million and an average income per capita of 15,000-16,000 USD each year, meaningthat the consumption demand is huge. He added that the region is also animportant supplier of materials for production.
Vice General Secretary of the VietnamAssociation of Seafood Exporters and Processors To Thi Tuong Lan said that theassociation started planning to expand into the region five years ago.
Several Vietnamese seafood companies havealready accessed Brazil, with an export value of over 120 million USD, as wellas Mexico with nearly 80 million USD, and Colombia with around 50 millionUSD.
VASEP targets that export revenue from LatinAmerica will surpass 500 million USD by 2020.–VNA
VNA
