Ta Hoang Linh, head of the MoIT’s Europe - America Market Department speaks at the event. (Photo: VNA) The Vietnam-Latin America Trade Forum took placewithin the Vietnam International Sourcing 2023 jointly held by the Ministry ofIndustry and Trade (MoIT) and the municipal People’s Committee.
It provided updates on economic and trade situation in LatinAmerican nations and market developments, thus identifying opportunities andsolutions to boost Vietnam’s exports to the region.
Ta Hoang Linh, head of the MoIT’s Europe - AmericaMarket Department, noted that trade between Vietnam and Latin America almost doubledto 23 billion USD last year from 14.2 billion USD in 2018.
Participants at the forum (Photo: nongnghiep.vn) The region has imported Vietnamesegarments-textiles, footwear and agro-fishery products, while exporting materialsto Vietnam, serving the Southeast Asian nation’s production, Linh added.
The official pointed to economic reciprocity ofVietnam and Latin America as well as their capacity of engaging in efforts inhandle challenges relating to food security and energy, and of participating inthe global supply chains that are being restructured.
However, the bilateral trade value has yet to matchits potential, he said, stressing a string of challenges to their businesscooperation such as the far geographical distance, the lack of direct transportationroutes, high logistics costs, language barriers and the limited access tomarket information.
The participating Latin American businesses spoke ofways to help Vietnamese enterprises identify export items for each market, satisfyset standards, and approach LatinAmerican retail groups./.
VNA
