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FTA boosts trade between Vietnam and Chile

A seminar on the Vietnamese-Chilean Free Trade Agreement (FTA) was organised by the Chilean Embassy in Vietnam and the Chilean Trade Promotion Agency (ProChile) together with the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi on September 10.
A seminar on the Vietnamese-Chilean Free Trade Agreement (FTA) wasorganised by the Chilean Embassy in Vietnam and the Chilean TradePromotion Agency (ProChile) together with the Vietnam Chamber ofCommerce and Industry (VCCI) in Hanoi on September 10.

Thebilateral trade agreement was signed in 2011 and officially entered intoforce on January 1, 2014. The agreement is expected to boost bilateraltrade and improve trade relations between Vietnam and Chile , aswell as potentially facilitate access to the respective regionalmarkets.

Under this agreement, 87.8 percent of goods exportedfrom Chile will enjoy preferential taxes over the next 15 years.Vietnam in turn will benefit from a low-to-zero tax rate for its keyexport products, namely garments, seafood, coffee, tea, computers andspare parts.

Speaking at the event, Chilean Ambassador toVietnam, Fernando Urrutia, highlighted that Chile was one of thefounding members of the Pacific Alliance, a Latin American trade groupincluding Peru , Mexico and Columbia. This would enable Vietnamto enter the Latin American market via this “natural gate”.

According to ProChile, Bilateral trade between February and May thisyear was valued at 272.5 million USD, up by 19.2 percent compared to thesame period last year.

Chile is the first Latin American country to sign an FTA with Vietnam. This is Vietnam’s 8th FTA.

Vietnam and Chile are currently part of the negotiations on the Trans-Pacific Partnership agreement (TPP).-VNA
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