CPTPP to clear cooperation barriers with Latin America
Following Vietnam’s ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), many Latin American countries have arrived in Vietnam to seek business opportunities.
Illustrative image (Source: VNA) Hanoi (VNA) – Following Vietnam’s ratification
of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
(CPTPP), many Latin American countries have arrived in Vietnam to seek business
opportunities.
In a meeting with Latin American corporate executives recently held in Ho Chi Minh City, Deputy Minister of Industry and Trade Do Thang Hai said that economic and trade ties between Vietnam and Latin American countries are growing. Vietnam has now formed trade ties with all countries in the region, with two-way trade up nearly 20 times from 245 million USD in 2000, to 3.95 billion USD in 2010, and 13.49 billion USD in 2017.
Vietnam has poured hundreds of millions USD into oil and gas exploration and exploitation in Peru, telecommunications networks in Haiti and Peru, and instant noodle production in Brazil.
Meanwhile, Latin American investment in Vietnam remains modest, with four projects worth 3.2 million USD by Argentina, one project by Mexico, one by Chile, and two Peruvian companies in Vietnam.
It is attributable to the extended geographical distance, resulting in high transportation costs and the lack of information about each other’s business environments.
Uncertainties about global trade, the impact of the US-China trade war, and the return of protectionism in major markets in recent years are among some of the obstacles they share.
According to Latin American firms, barriers will be cleared once the CPTPP and bilateral trade agreements take effect.
Pham Huynh Mai Thanh from Vietnam Cacao JSC said that the entry of three Latin American countries to the CPTPP will help cut down on customs procedures and import tariffs.
Nguyen Van Thanh, Director of Long Long Chemicals Ltd, said that the region boasts a population of more than 650 million and an average income per capita of 15,000-16,000 USD each year, meaning that the consumption demand is huge. He added that the region is also an important supplier of materials for production.
Vice General Secretary of the Vietnam Association of Seafood Exporters and Processors To Thi Tuong Lan said that the association started planning to expand into the region five years ago.
Several Vietnamese seafood companies have already accessed Brazil, with an export value of over 120 million USD, as well as Mexico with nearly 80 million USD, and Colombia with around 50 million USD.
VASEP targets that export revenue from Latin America will surpass 500 million USD by 2020.–VNA
In a meeting with Latin American corporate executives recently held in Ho Chi Minh City, Deputy Minister of Industry and Trade Do Thang Hai said that economic and trade ties between Vietnam and Latin American countries are growing. Vietnam has now formed trade ties with all countries in the region, with two-way trade up nearly 20 times from 245 million USD in 2000, to 3.95 billion USD in 2010, and 13.49 billion USD in 2017.
Vietnam has poured hundreds of millions USD into oil and gas exploration and exploitation in Peru, telecommunications networks in Haiti and Peru, and instant noodle production in Brazil.
Meanwhile, Latin American investment in Vietnam remains modest, with four projects worth 3.2 million USD by Argentina, one project by Mexico, one by Chile, and two Peruvian companies in Vietnam.
It is attributable to the extended geographical distance, resulting in high transportation costs and the lack of information about each other’s business environments.
Uncertainties about global trade, the impact of the US-China trade war, and the return of protectionism in major markets in recent years are among some of the obstacles they share.
According to Latin American firms, barriers will be cleared once the CPTPP and bilateral trade agreements take effect.
Pham Huynh Mai Thanh from Vietnam Cacao JSC said that the entry of three Latin American countries to the CPTPP will help cut down on customs procedures and import tariffs.
Nguyen Van Thanh, Director of Long Long Chemicals Ltd, said that the region boasts a population of more than 650 million and an average income per capita of 15,000-16,000 USD each year, meaning that the consumption demand is huge. He added that the region is also an important supplier of materials for production.
Vice General Secretary of the Vietnam Association of Seafood Exporters and Processors To Thi Tuong Lan said that the association started planning to expand into the region five years ago.
Several Vietnamese seafood companies have already accessed Brazil, with an export value of over 120 million USD, as well as Mexico with nearly 80 million USD, and Colombia with around 50 million USD.
VASEP targets that export revenue from Latin America will surpass 500 million USD by 2020.–VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
